OCC Report Struggles to Quantify Crypto Debanking

In a 47-page review of nine major financial institutions, the agency identified that digital asset issuers, exchanges, and administrators are frequently denied services. Banks cited financial crime risks as the primary justification for these restrictions, though the report lacked specific examples or individual account histories to support those claims. Comptroller Jonathan Gould noted that banks often rely on subjective factors rather than objective financial risk assessment, a trend he previously criticized regarding the coal and firearms industries.

This investigation stems from Trump’s August 2025 executive order, "Guaranteeing Fair Banking for All Americans," which mandates that financial institutions base service decisions on specific risk profiles rather than political or social pressure. Critics like venture capitalist Nic Carter argue that distinguishing between legitimate commercial de-risking and systemic exclusion remains difficult, as banks can easily categorize account closures as standard business moves. While the Cato Institute recently pointed to government pressure as a significant driver of these trends, the OCC report stops short of detailing how widespread the practice of debanking truly is across the sector.