US OCC report links debanking efforts to crypto activities and other sectors
On June 15, 2025, the US Office of the Comptroller of the Currency (OCC) released a report analyzing banks’ efforts to restrict financial services to various industries, including digital assets. The report follows an executive order by President Donald Trump aiming to curb what he termed unlawful debanking — the refusal of banking services unrelated to financial risk. It highlights that certain banks enacted policies limiting services to crypto issuers, exchanges, oil and gas, tobacco, and firearms sectors, often citing financial crime concerns and reputational risks.
Background and purpose of the report
The OCC report was issued in response to an August 2025 executive order by President Donald Trump aimed at curbing what he called unlawful debanking. The directive was issued amid growing complaints from tech and crypto industry executives about denial of banking services, popularly termed debanking.
In November 2024, over 30 executives from technology and crypto companies reported being refused access to banking services. The OCC points out that restrictions are not limited to the crypto sector but also affect industries with public controversy such as oil and gas, tobacco, and firearms. Banks often justify these restrictions citing financial crime concerns and reputational risks.
Scope of debanking and digital assets
According to the OCC, many institutions maintain both public and nonpublic policies restricting banking services for various industries, including digital asset activities such as issuers, exchanges, and administrators, frequently due to concerns about financial crime.
However, the report does not offer concrete examples of debanking directly related to crypto activities. The agency acknowledged it was unable to comprehensively quantify the full extent of debanking or alleged debanking actions based on its review of nine major banks. OCC head Jonathan Gould primarily emphasized debanking linked to coal and firearms sectors.
OCC stance and leadership conclusions
OCC director Jonathan Gould stated that the banks’ decisions to limit services were not driven by financial risk but rather by concerns over negative media coverage, public protests, and perceived reputational damage.
The report highlights diverse motivations underlying banks' policies and stresses the importance of regulatory vigilance in balancing risk management with ensuring access to financial services for clients.
Why it matters
This OCC report is significant as it publicly acknowledges the existence of both overt and covert banking restrictions across several sectors, including digital assets, linking debanking efforts to reputational and financial crime concerns. Industry participants have viewed debanking as a major challenge to innovation and business continuity, often associating it with government-led initiatives past and present. The report’s admission that the full scope of debanking cannot be precisely quantified underscores the regulatory complexity and highlights the need for open dialogue between banks, regulators, and clients to balance combating financial crime while safeguarding users’ access to financial services.
Prepared from the source material with AI-assisted editing and checked against the supplied facts.
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