The U.S. Office of the Comptroller of the Currency (OCC) found the nine largest national banks imposed “inappropriate” restrictions on lawful crypto firms.
A new report from the U.S. Office of the Comptroller of the Currency (OCC) reveals that the nation’s nine largest banks imposed “inappropriate” restrictions on lawful crypto businesses. Released on December 10, 2025, the findings confirm long-standing claims from the industry about discriminatory debanking.
The review covered JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC, TD Bank, and BMO.
Between 2020 and 2023, these banks reportedly required escalated approvals or restricted entire sectors, citing conflicts with their corporate “values.”
Other industries affected alongside digital assets included oil and gas, firearms, and private prisons.
The OCC warned that any repeat occurrences would face enforcement action and highlighted President Trump’s August executive order, which directed regulators to investigate and penalize banks that unfairly severed legal customers from financial services.
The order called for potential fines, consent decrees, or other disciplinary measures for banks under federal supervision.
Implications for Crypto Firms
The report challenges the so-called “reputational risk” framework banks have used to broadly exclude crypto businesses. Now, banks must justify risk-based decisions individually rather than rejecting entire industries.
For trading desks, funds, and startups, this gives a stronger foundation to contest account closures and service denials. Industry insiders expect the OCC’s findings to be cited in new bank applications and in appeals following terminated relationships.
Although the report does not specify legal violations, it signals a shift in regulatory posture. By emphasizing accountability, the OCC is pressuring banks to provide lawful access to financial services for crypto firms while moving away from blanket restrictions.
Context and Background
The OCC’s investigation follows President Trump’s August executive order aimed at curbing debanking of certain industries, including digital assets. While the order itself is not a law, it directed regulators to examine and act against banks that unfairly severed legal customer relationships.
The OCC, which also recently released a report confirming that banks can act as intermediaries in “riskless principal” crypto transactions, signaled that enforcement options could include fines, consent decrees, or other disciplinary measures.
During Trump’s last term, the OCC had proposed rules requiring banks to evaluate prospective clients based on measurable risk factors rather than rejecting entire sectors.
However, these rules were sidelined under the Biden administration, leaving the regulatory landscape unclear until now.
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