According to preliminary findings from the Office of the Comptroller of the Currency (OCC), the nine largest banks in the United States implemented financial service restrictions on politically controversial industries, including cryptocurrencies, between 2020 and 2023.
The banking regulator stated on Wednesday that its initial findings indicate that during this three-year period, several large banks made "improper distinctions against customers" based on their legitimate business activities when providing financial services.
The agency noted that these banks either established policies that restricted customer access to banking services or required higher levels of scrutiny and approval before providing financial services to specific customers, but did not provide specific details.
This review was initiated by the OCC following an executive order signed by President Trump in August, directing a review of whether banks were implementing de-banking or discrimination based on individuals' political or religious beliefs.
According to the OCC's report, industries facing banking restrictions, in addition to cryptocurrencies, include oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, and adult entertainment.
The agency stated that measures against cryptocurrencies include restrictions on "issuers, exchanges, or managers," which are typically attributed to concerns about financial crimes.
Comptroller of the Currency Jonathan Gould stated, "It is unfortunate that the nation's largest banks view these harmful de-banking policies as an appropriate use of the licenses and market power granted to them by the government."
He added, "Although many of these policies are implemented in public and even publicly announced, certain banks still insist that they are not engaging in de-banking."
The subjects of the agency's investigation include some of the largest national banks it regulates: JPMorgan Chase, Bank of America, Citibank, Wells Fargo, US Bank, First Capital Bank, PNC Bank, TD Bank, and BMO Bank.
The agency reported that its investigation is ongoing and may refer its findings to the Department of Justice.
Nick Anthony, a policy analyst at the libertarian think tank Cato Institute, stated in an email to Cointelegraph that the OCC's report "has many shortcomings" and does not mention "the most well-known reasons for de-banking."
He said, "The report criticizes banks for severing ties with controversial clients but fails to mention that regulators explicitly assess banks based on their reputations."
Anthony added, "Worse, the report seems to blame banks for cutting ties with cryptocurrency companies without mentioning the fact that the Federal Deposit Insurance Corporation (FDIC) explicitly instructed banks to steer clear of these companies."
According to a report earlier this month from House Financial Services Committee Republicans, during the Biden administration, the FDIC's so-called "pause letters" have fueled the "de-banking of the digital asset ecosystem."
Caitlin Long, founder and CEO of cryptocurrency-focused Custodia Bank, stated that the "most severe culprit" in the de-banking of crypto under the Biden administration is the FDIC and the Federal Reserve, "not the OCC."
She added, "To defend the OCC, this report only covers large banks. For large banks, suppressing cryptocurrencies is not a regulatory priority, but it is for small and medium-sized banks."
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Original article: “U.S. Regulators: Cryptocurrencies Listed Among ‘De-banked’ Service Cuts by Nine Major Banks”
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