The Office of the Comptroller of the Currency (OCC) released a 47-page report confirming that nine of the largest U.S. banks, including JPMorgan Chase, Bank of America, and Citibank, denied or limited banking access to crypto firms and founders between 2020 and 2025. The OCC reviewed 100,000 debanking complaints and found that restrictions were imposed based on political affiliations and reputational considerations rather than objective financial risks. The report, known as Operation Chokepoint 2.0, confirms the practice was widespread across six industries, including crypto. OCC and FDIC regulators finalized a rule in August to define unsafe practices and close a loophole that banks used to arbitrarily enforce debanking, aiming to return banks to risk-based supervision.
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