U.S. President Trump Challenges Banking Practices on Digital Assets

According to PANews, U.S. President Donald Trump has initiated actions against the 'de-banking' of controversial industries, including digital assets, prompting the Office of the Comptroller of the Currency (OCC) to release a new report. This report reaffirms previous practices and warns that banks involved may face penalties. The OCC's brief report reviewed the practices of the nine largest national banks in the United States, concluding that from 2020 to 2023, these banks established both public and private policies that restricted certain industries from accessing banking services. These restrictions included requiring enhanced reviews and approvals before providing financial services. The report highlights that some major banks have set higher entry barriers for controversial or environmentally sensitive businesses, or activities that conflict with the banks' values. Notable financial institutions such as JPMorgan Chase, Bank of America, and Citigroup were specifically mentioned, with references to their past public policies, particularly concerning environmental issues. The OCC intends to hold these banks accountable for any illegal 'de-banking' activities, potentially referring cases to the Attorney General. However, it remains unclear which specific laws these activities might violate.