The US Office of the Comptroller of the Currency released a 47-page report on Wednesday listing digital assets among four industries that triggered bank account restrictions. It marks the first federal accounting under President Donald Trump's August 2025 executive order against debanking.

The review covered nine major banks. It found institutions maintained "public and nonpublic policies" limiting services to oil and gas, tobacco, firearms and digital asset firms. The OCC could not put a number on crypto firms that lost banking access.

"Many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations," the OCC wrote.

What did the report actually find about crypto?

The document names zero debanked crypto companies, exchanges or banks. It also does not break out digital asset restrictions from firearms, tobacco or fossil-fuel restrictions by count or dollar volume.

The OCC said it was "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions" within its nine-bank sample. The report frames digital assets alongside three other sectors rather than treating them as the primary lens.

OCC chief Jonathan Gould emphasized coal and firearms in public remarks, not digital assets. "These decisions were not based on financial risk," Gould said of banks cutting coal-linked clients. "Instead, banks cited concerns about negative headlines, public protests, and the perceived reputational consequences of supporting the industry."

How does this map to "Operation Chokepoint 2.0"?

The industry term, a callback to the Obama-era "Operation Chokepoint," gained traction in November 2024, when more than 30 tech and crypto executives said banks had closed their accounts or refused to onboard them.

Trump's August 2025 order labeled the practice "unlawful debanking" and directed regulators to document its scope. Wednesday's OCC report, alongside parallel work at the Federal Reserve, marks the first compliance output from that directive.

What changes operationally for banks and crypto firms?

The OCC's framework asks examiners to flag policies framed by reputation concerns rather than risk metrics. Digital asset issuers, exchanges and administrators fall under the same screen as oil and gas, firearms and tobacco counterparties.

The agency preserved supervisory discretion by declining to name the banks reviewed or the firms affected. That posture leaves room for follow-up enforcement without a public target in the report itself.

Gould's framing — risk language required, reputational language not — will guide 2026 supervisory cycles. Crypto firms denied accounts since November 2024 now hold a federal document acknowledging the pattern, even without case counts.

The OCC report carries no enforcement deadlines. The Federal Reserve has separately sought comment on a payments-account proposal critics argue would formalize crypto-friendly access at member banks.