A review of the nine largest national banks showed that they restricted or denied services to customers based on their lawful businesses, like digital assets, rather than financial risk, according to a preliminary report from the Office of the Comptroller of the Currency.

The findings also revive long-running concerns around “Operation Choke Point,” a Justice Department initiative from 2013 that pressured banks to treat certain lawful industries as high-risk.

Although the program officially ended in 2017, critics in the crypto sector have argued that a similar dynamic resurfaced in recent years under what they dubbed “Operation Choke Point 2.0,” claiming federal regulators informally discouraged banks from serving crypto firms. Internal FDIC documents released earlier this year appeared to show skepticism toward crypto activities inside the agency, fueling those concerns.



The lawful businesses that received heightened scrutiny also included those focused on oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarettes, and adult entertainment.

The agency's review examined policies at JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The OCC said at least some of these banks applied special restrictions or heightened scrutiny to customers in those industries, even when those businesses were legal.

Comptroller of the Currency Jonathan V. Gould said the findings reflect the agency’s commitment to “ending efforts—whether instigated by regulators or banks—that would weaponize finance.” He added that the OCC plans to hold banks accountable as the inquiry continues.

The agency emphasized that Thursday’s findings are only the first phase of its investigation. Thousands of complaints remain under review as the OCC continues evaluating whether banks engaged in unlawful discrimination against specific industries.

The OCC has generally been relaxing its views on cryptocurrencies. Last month, the agency confirmed in an interpretive letter that major banks are officially permitted to keep crypto on their balance sheets to pay network fees on blockchains for “otherwise permissible” banking activities. On Tuesday, the regulator added that banks can handle "riskless principal transactions" with crypto assets.

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