US OCC Report: Nine Major Banks Restricted Digital Asset Services

The Office of the Comptroller of the Currency (OCC) has released a comprehensive "de-risking" review detailing how nine of the largest national banks in the United States restricted services for specific sectors, including digital asset companies. The investigation, which spanned activities from 2020 through September 2025, revealed that major financial institutions implemented policies that led to the refusal or limitation of banking services based on reputational risk concerns. These restrictions affected businesses involved in lawful activities, raising questions about financial inclusivity within the regulated banking sector.

Scope of the De-Risking Investigation

The OCC’s regulatory review focused on the nine most significant banks under its supervision: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bancorp, Capital One, PNC, TD Bank, and BMO. According to the report, these institutions maintained internal policies that could result in the denial of services to clients based on their business nature or perceived political and religious views. While cryptocurrency and digital asset firms were primary targets of these "de-risking" strategies, other sectors faced similar challenges:

• Industrial sectors including oil, gas, and coal.
• Manufacturers and retailers of firearms and ammunition.
• The tobacco industry and private detention facilities.

Regulatory Findings and Data Analysis

To reach these conclusions, the OCC performed an exhaustive audit involving the analysis of approximately 420,000 pages of internal documents and the review of nearly 100,000 consumer and business complaints. The findings suggest that "reputational risk" was frequently used as a broad justification to sever ties with the blockchain industry and other politically sensitive sectors.

I have no confidence in whether the recent rectifications by these banks are sufficient.

OCC Director Jonathan Gould expressed skepticism regarding the voluntary changes recently implemented by these financial giants. He indicated that the agency is currently evaluating further adjustments to the regulatory framework to ensure that large banks do not unfairly exclude lawful businesses from the traditional financial system. The OCC serves as the primary regulator for banks chartered under the National Bank Act.

As the digital asset market continues to mature, the tension between decentralized finance (DeFi) and traditional banking infrastructure remains a focal point for regulators. The OCC's report underscores the ongoing struggle for crypto-related enterprises to secure reliable fiat on-ramps and stable banking relationships. Moving forward, the industry will be watching for potential legislative or regulatory mandates that could prevent banks from using subjective risk assessments to deny services to the crypto sector.