The US Office of the Comptroller of the Currency (OCC) has published a report detailing the phenomenon of debanking, highlighting its connection to digital assets as a significant factor prompting banks to restrict financial services.
According to the report released on Wednesday, certain financial institutions have enacted both “public and nonpublic policies” that limit service availability for various sectors, including oil and gas, tobacco, firearms, and digital currencies. This report aligns with an executive order issued by former US President Donald Trump in August 2025 aimed at combating what he termed “unlawful debanking.”
“Numerous institutions have also imposed limitations on banking activities related to digital assets, such as for issuers, exchanges, or administrators, often citing concerns about financial crimes,” noted the OCC.
In November 2024, over 30 executives from the technology and cryptocurrency sectors reported being denied access to banking services. Individuals in the cryptocurrency field have informally referred to this initiative as “Operation Chokepoint 2.0,” drawing parallels to a previous Obama-era program aimed at tackling fraud and money laundering involving banks.
Notably, the 47-page report did not provide specific case examples of debanking related to digital asset operations. The OCC admitted it had not been able to comprehensively assess the complete scope of debanking or alleged debanking incidents from its review of nine leading banks, with Jonathan Gould, the agency’s head, primarily addressing the report’s focus on debanking linked to coal and firearms.
“These banking decisions were not made due to financial risk,” Gould explained, referring to the debanking associated with coal. “Rather, banks expressed concerns regarding potential negative media coverage, public demonstrations, and the perceived reputational risks of engaging with the industry.”
The 2025 executive order from Trump was in response to industry claims — including those surrounding “Operation Chokepoint 2.0” — that suggested the government under former President Joe Biden may have pressured financial institutions to withdraw services from cryptocurrency firms.