Congress Investigates OCC Role in Debanking Crypto Firms

U.S. lawmakers are taking a closer look at how banking regulators have handled crypto access, especially for legally operating businesses. Recent actions by the Office of the Comptroller of the Currency (OCC) have raised concerns in Congress, with questions now focused on whether federal agencies indirectly pressured banks to cut ties with certain companies. The investigation comes at a time when crypto firms continue to face hurdles gaining access to basic financial services, and regulators are being asked to clarify their role in that process.

Good to Know

• House Oversight Committee seeks internal OCC records related to crypto policy and enforcement.
• Interpretive Letter 1179, which previously supported crypto engagement, was revoked in March.
• New guidance allows banks to operate in crypto but requires strict risk management and compliance.

U.S. House Oversight and Government Reform Committee Chair James Comer announced on June 25 that the Committee is requesting records from the OCC to determine whether banks have been influenced to “debank” certain lawful entities based on their involvement in crypto or their political views. The letter, addressed to Acting Comptroller Rodney Hood, focuses on internal communications and enforcement actions tied to crypto policy.

At the center of the issue is Interpretive Letter 1179, which gave federally chartered banks a green light to offer crypto-related services. That letter was formally rescinded in March 2025 through Interpretive Letter 1183, part of a shift in OCC policy that no longer requires banks to seek explicit approval for crypto activities like stablecoin reserves, digital asset custody, or blockchain participation. However, institutions must still operate in a way that regulators view as safe and compliant.

Comer’s letter ties into earlier outreach, including a January request to blockchain companies and a February inquiry sent to the FDIC. Lawmakers say whistleblowers have suggested that several large banks faced informal pressure, possibly outside standard regulatory channels. The Committee is concerned that such actions could discourage legitimate crypto development and limit access to essential financial infrastructure.

Comer underscored that the OCC regulates the largest national banks, many of which hold assets between $50 billion and $3 trillion. The Committee now seeks clarity on whether those institutions were steered away from digital assets, and if so, how those decisions were communicated or enforced.

The OCC’s updated approach removed several interagency statements tied to crypto risks but maintained a focus on strong oversight. While direct approvals are no longer necessary, banks must still manage crypto operations responsibly and maintain transparency.

Lawmakers now want answers on whether the current approach fosters fair access—or quietly pushes crypto further to the sidelines.