FameEX Hot Topics | Nine Big Banks Cut Ties with Crypto Sector, Says U.S. Regulator

The Office of the Comptroller of the Currency (OCC) released preliminary findings on Wednesday, revealing that nine major U.S. banks restricted financial services to cryptocurrency and other politically sensitive industries from 2020 to 2023. The regulator labeled these actions as “inappropriate distinctions” based on customers’ lawful business activities. Banks implemented policies that either outright denied access or required escalated reviews and approvals for certain clients, undermining equitable banking access and potentially inviting further regulatory action.

The probe stemmed from an August executive order by President Donald Trump, mandating a review of whether banks had “debanked” or discriminated against individuals and businesses on political or religious grounds. Acting Comptroller Jonathan Gould sharply criticized the institutions, calling it “unfortunate” that the nation’s largest banks viewed such “harmful debanking policies” as permissible under their government charters and market power. He pointed out that many restrictions were openly adopted—some even publicly announced—yet banks persisted in denying any debanking practices.

The OCC targeted the largest national banks it oversees: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. Cryptocurrency was prominently affected, alongside other controversial sectors. The regulator warned that these barriers could suppress innovation and legitimate commerce, highlighting a misuse of authority in a system designed to serve all lawful customers fairly.

Though preliminary, the findings signal an ongoing investigation, with possible referrals to the Department of Justice for enforcement. Gould’s statements reflect a strong pushback against perceived banking overreach, foreshadowing potential regulatory or legal repercussions for the involved institutions.

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