Trump’s OCC Cracks Down: Banks Must Now Serve Legal Crypto Businesses—No More Denials

Federal banking regulators just threw crypto a lifeline—and told traditional finance to get in line.

The Office of the Comptroller of the Currency dropped new guidance preventing banks from arbitrarily blacklisting legitimate digital asset firms. No more vague excuses—if it’s legal, it gets access.

Leveling the Playing Field

Banks have long treated crypto like a dirty word—freezing accounts, delaying transactions, and citing “risk management” as a catch-all reason to say no. Not anymore. The OCC’s move forces transparency: rejections need clear, legitimate grounds—not just institutional skepticism.

Finance’s Last Stand?

Some Wall Street veterans are grumbling—worried about volatility, compliance, and the sheer audacity of a parallel financial system eating their lunch. But let’s be real: if banks spent half as much effort innovating as they do blocking competitors, maybe they wouldn’t be playing catch-up. Crypto isn’t asking for permission anymore—it’s getting a seat at the table.

OCC pulls plug on debanking after Trump demands crypto access

Jonathan’s remarks came just days after the OCC took direct action to stop debanking, the practice of cutting off financial services to people or companies based on political views or industries. In this case, crypto companies were often the target.

Critics say some bank examiners pushed lenders to stop doing business with crypto-linked firms. But some consumer groups argue the problem hasn’t been as widespread as it’s made out to be. Still, the OCC made its position clear: if it’s legal, it’s allowed.

Jonathan said that if banks want to try something new, like getting involved in crypto, they’ll need the right setup to handle it. “Those firms must ensure sure they have the infrastructure necessary to support it,” he said.

Jonathan admitted that some risks come with crypto technology, and those need to be addressed directly. But he added, “I don’t see innovation as inconsistent with safety and soundness on its face.”

Donald Trump’s role in this can’t be ignored. During his campaign, he promised to make the U.S. the “crypto capital of the planet.” Since then, he’s signed executive orders supporting crypto and passed a law regulating stablecoins. At the same time, his family deepened their business ties to the industry.

Crypto donors flood Trump with millions as Senate backs his stablecoin law

Trump’s 2024 campaign got serious backing from crypto’s biggest players. Elon Musk gave $239 million to America PAC. Marc Andreessen and Ben Horowitz each donated $2.5 million to Right for America.

The Winklevoss twins, Tyler and Cameron, chipped in $1 million each to Trump’s campaign. That was above the legal limit, so they were refunded the extra.

Also, over $135 million was spent, mostly through the Fairshake PAC, to support Congressional candidates who backed Trump’s crypto stance. Most of them won.

And in August, Tyler and Cameron donated another $21 million in Bitcoin to the Digital Freedom Fund PAC to help Trump expand his crypto agenda while in office.

Since getting back in the White House, TRUMP has been pushing policies that could benefit his own crypto investments.

When the Senate passed the stablecoin bill he supported, Senator Elizabeth Warren said the law WOULD “supercharge the value of Donald Trump’s corruption,” accusing him of setting policy that could boost his family’s gains.

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