The US OCC has issued a warning to Wall Street regarding the debanking of industries such as digital assets, stating that such practices are illegal.
ChainCatcher news, according to CoinDesk, U.S. President Trump has taken action against the country's debanking measures targeting controversial industries such as digital assets, prompting the Office of the Comptroller of the Currency (OCC) to release a new report. This report further confirms past practices and warns that banks suspected of involvement may face penalties.
This brief OCC report reviewed the nine largest national banks in the United States, concluding that these banks have established both public and non-public policies restricting certain industries from accessing banking services, including requiring enhanced review and approval before providing financial services. The report states that some major banks have set higher entry thresholds for controversial or environmentally sensitive businesses, or for activities that conflict with the banks' own values. Financial giants such as JPMorgan, Bank of America, and Citigroup are specifically mentioned, with links to their past public policies, especially those related to environmental issues.
The report states: "The Office of the Comptroller of the Currency intends to hold these banks accountable for any illegal debanking activities, including referring relevant cases to the Attorney General." However, it is currently unclear which specific laws these activities may have violated.
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