OCC Releases Report One Year After Donald Trump’s ‘Debanking’ Order
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Written by Turner Wright staff writer
Edited by Robert Lakin staff editor
OCC report finds debanking efforts tied to crypto activities
Latest News
Published October 14, 2026
The report from the US banking regulator, the Office of the Comptroller of the Currency (OCC), did not provide specific examples of debanking related to crypto, but mentioned it alongside ties to oil, gas, and firearms.
The US OCC released a report on debanking efforts, noting that banks had restricted services for various industries, including oil and gas, tobacco, firearms, and digital assets. This was in line with an August 2025 executive order from US President Donald Trump aimed at preventing what he termed “unlawful debanking.”
“Many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations,” the OCC stated.
In November 2024, over 30 tech and crypto executives claimed they were denied banking services, with the industry informally referring to the incident as “Operation Chokepoint 2.0.”
However, the 47-page report did not include specific instances of debanking related to digital assets. The OCC explained it was unable to comprehensively quantify debanking or alleged debanking actions based on a review of nine major banks.
OCC head Jonathan Gould emphasized that debanking decisions regarding coal were not based on financial risk:
“Instead, banks cited concerns about negative headlines, public protests, and the perceived reputational consequences of supporting the industry.”
The 2025 Trump executive order followed allegations, stemming from the industry, that the US government under former President Joe Biden may have pressured financial institutions to sever ties with crypto firms.