The Office of the Comptroller of the Currency (U.S. national banking regulator) released a report citing Wall Street banks for restricting crypto access, following President Donald Trump’s 2024 executive order on debanking.
The Office of the Comptroller of the Currency (OCC), which oversees U.S. national banks, issued a report warning large financial institutions they may face punishment for “debanking” industries such as cryptocurrency. The action responds to President Donald Trump’s August 2024 executive order directing federal regulators to investigate and penalize banks that unlawfully sever ties with lawful clients. The OCC review of nine major banks—including JPMorgan Chase, Bank of America, and Citigroup—found that between 2020 and 2023, these institutions maintained restrictive policies on certain sectors, sometimes linked to environmental or reputational concerns. While the OCC pledged accountability, including possible referrals to the attorney general, it did not cite specific legal statutes, and uncertainty remains over its enforcement authority.