A new OCC review contradicts assurances from major banks, finding that restrictive policies unfairly targeted lawful industries — including digital assets.
The Office of the Comptroller of the Currency (OCC) has released early results from its extensive investigation into debanking practices at the country’s largest national banks, and the conclusions mark a major escalation in the long-running dispute between Washington, Wall Street, and the crypto sector. According to the regulator, all nine banks under review implemented internal policies that created improper barriers for entirely legal businesses, with digital-asset companies placed squarely among those affected.
The review, conducted under President Donald Trump’s recent executive order aimed at securing fair banking access, examined practices at JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO. The OCC found that from 2020 through 2023, these institutions deployed approval processes and broad restrictions that treated clients differently based solely on the nature of their businesses — even when those activities were lawful and federally permitted.
According to the agency, the affected sectors extended far beyond crypto. Industries such as oil and gas, firearms, private prisons, tobacco, and adult entertainment were all flagged as facing heightened obstacles. Crypto-related enterprises were included in that group, with several banks applying blanket policies that limited or discouraged access to routine financial services.
Comptroller Jonathan Gould said the findings point to systemic behavior, not isolated missteps. He characterized the restrictions as harmful to legitimate companies and an “inappropriate use” of national bank charters. While the institutions involved have repeatedly denied engaging in discriminatory account closures, Gould noted that many of the problematic policies were publicly available and consistently applied. The OCC plans to continue its investigation until a full accounting is completed.
Regulator says banks used charter powers improperly
The issue of debanking has long been intertwined with regulatory pressure. Even in the absence of direct prohibitions, banks have often interpreted warnings, consultations, or informal guidance from federal agencies as reasons to scale back their involvement with crypto. One well-known example surfaced when the FDIC urged banks to temporarily “pause” crypto-related activities — language that created chilling effects across compliance departments. For crypto firms, the result has been years of difficulty in obtaining or keeping basic operational accounts.
Political tensions surrounding the issue have intensified in recent months. President Trump’s executive order, signed in August, was designed to block banks from denying services based on ideological objections rather than financial risk. Several states, including Florida, Idaho, and Tennessee, have advanced similar “fair access” laws. Even so, banks continue to stress that their decisions reflect anti-money-laundering obligations and the need to monitor suspicious activity, not hostility toward crypto or other contested industries.
The broader fight extends to the federal courts as well. Former U.S. Solicitor General Donald Verrilli has argued that the Federal Reserve’s refusal to grant a master account to Custodia Bank reflects regulators’ belief that digital-asset businesses are inherently unsafe.
