The OCC has issued a warning to Wall Street regarding the issue of "debanking" in the digital asset industry, stating that such practices are "illegal."

PANews December 11 News, according to CoinDesk, U.S. President Trump has taken action against the U.S. government’s “debanking” initiatives targeting controversial industries such as digital assets, prompting the Office of the Comptroller of the Currency (OCC) to release a new report. The report further confirms past practices and warns that banks suspected of involvement may face penalties. This brief OCC report reviews nine of the largest nationwide banks in the U.S. and concludes that “from 2020 to 2023, these banks have established public and non-public policies that restrict certain industries from obtaining banking services, including requiring upgraded reviews and approvals before providing financial services.” The report states that some large banks have set higher entry barriers for controversial or environmentally sensitive activities, or activities that conflict with the banks’ own values. Financial giants such as JPMorgan Chase, Bank of America, and Citigroup are highlighted, with links to their past public policies, especially regarding environmental issues. The report states: “The OCC intends to hold these banks accountable for any illegal ‘debanking’ activities, including referring related cases to the Attorney General.” However, it is currently unclear which specific laws these activities may have violated.