According to a preliminary OCC review, nine of the largest U.S. banks were evaluated for their treatment of crypto-related clients. The assessment found that several institutions restricted or intensified scrutiny on crypto enterprises based on business model rather than traditional financial risk, signaling a policy shift that could affect access to mainstream banking services for the crypto sector.

Named in the review were JPMorgan Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, First Capital Financial Corporation, PNC Bank, TD Bank, and Montreal Bank. The OCC said that some banks imposed special restrictions or heightened scrutiny on crypto customers, even where activity is legal, with phase-one findings indicating ongoing efforts to assess discriminatory practices, while thousands of complaints remain under review.

The OCC has also issued interpretive guidance indicating banks may hold crypto on balance sheets for permissible activities and may pursue riskless principal crypto transactions.