The Office of the Comptroller of the Currency (OCC) has signaled that some of the largest U.S. banks, JPMorgan Chase, Bank of America, and Citigroup among them, could face penalties for previously restricting or closing accounts tied to politically sensitive industries, including cryptocurrency businesses.
The warning follows a months-long investigation ordered by President Trump into allegations of politically motivated “debanking.”
A Federal Investigation Into Politically Motivated Account Closures
The OCC released its findings on December 10, 2025, responding to an executive order issued in August that directed regulators to examine whether banks unlawfully denied services based on political or reputational considerations rather than objective risk. According to the report, nine major banks imposed restrictions or refused services to sectors such as digital assets, oil and gas, and private prisons between 2020 and 2023.
Banks attributed these decisions to financial crime risks, compliance demands, and reputational exposure. Regulators concluded that several actions may have gone beyond legal or supervisory expectations, raising concerns about what President Trump has called the “weaponization of finance.”
Banks Could Face Supervisory Penalties
The OCC indicated that consequences may extend beyond fines. Penalties could influence supervisory decisions related to branch expansion, executive leadership approvals, or other regulatory permissions. The agency stressed its commitment to preventing politically motivated financial exclusion, framing the issue as central to maintaining neutral and lawful access to banking services.
New Guidance Sets a More Permissive Tone for Crypto
The warning comes just one day after the OCC issued new guidance on December 9, 2025, allowing banks to serve as intermediaries in “riskless principal” crypto transactions, buying and selling digital assets on behalf of customers without holding those assets on their balance sheets. The updated guidance marks a significant shift toward integrating crypto operations into traditional financial infrastructure and contrasts with the restrictive policies banks applied earlier in the decade.
Market Reaction Remains Muted
Despite the prospect of penalties, shares of JPMorgan, Bank of America, and Citigroup all closed higher on December 10. The steady performance suggests investors view the risk as manageable, or see the new regulatory posture, including the permissive crypto guidance, as a signal of clearer rules ahead.
As the OCC evaluates potential enforcement actions, large banks now face a recalibrated regulatory environment, one that demands both neutrality in account access and readiness to support emerging financial sectors such as digital assets.