Crypto Industry Tightly Wound Amid New OCC Rules and 9-Bank Debanking Findings
Key Summary
The Office of the Comptroller of the Currency has released a report revealing widespread restrictions on digital asset issuers, exchanges, and administrators by the nine largest national banks, citing financial crime considerations. However, Comptroller Jonathan Gould is challenging improper exclusions and emphasizing the need for objective customer decisions. The new rules aim to preserve supervision of financial crime and operational risk while limiting judgments based on a business's unpopularity.
OCC Debanking Findings and Crypto Restrictions
The Office of the Comptroller of the Currency has released a report revealing widespread restrictions on digital asset issuers, exchanges, and administrators by the nine largest national banks, citing financial crime considerations. The report covers policies between 2020 and September 2025 and reviews nearly 100,000 complaints and 420,000 pages of documents.
Background on OCC and Crypto Policies
The OCC has been reviewing crypto banking decisions across policies at the nine largest national banks, including JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The agency has said that it reviewed many institutions' restrictions on digital-asset issuers, exchanges, or administrators, often citing financial crime considerations.
OCC's Approach to Debanking and Crypto Access
Comptroller Jonathan Gould is preserving objective customer decisions while challenging improper exclusion. He emphasized the need for banks to evaluate customers using objective, risk-based criteria. The administration's August 2025 fair-banking executive order takes the same approach and disclaims any privately enforceable right or benefit created by the order.
The new rules aim to preserve supervision of financial crime and operational risk while limiting judgments based on a business's unpopularity. The OCC's approach preserves decisions to decline individual customers on those grounds, while also preserving existing statutory protections.
Conclusion
The OCC's debanking findings and crypto restrictions have significant implications for the crypto industry. The new rules aim to strike a balance between preserving supervision of financial crime and operational risk while limiting judgments based on a business's unpopularity.