The U.S. Office of the Comptroller of the Currency: An investigation found that large banks are still refusing to provide services to legitimate crypt...

According to a preliminary report released on December 11 by the Office of the Comptroller of the Currency (OCC), an investigation into nine of the largest U.S. banks found that these banks restricted or refused to provide services to businesses based on their legitimate business activities (such as those in the crypto industry) rather than financial risk. The OCC's review covered the business policies of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, Capital One Financial, PNC Bank, TD Bank, and Bank of Montreal. The OCC stated that at least some of these banks imposed special restrictions or increased scrutiny on clients in these industries, even if the business was legitimate. OCC Commissioner Jonathan V. Gould stated that the findings reflect the agency's commitment to "ending the weaponization of finance, instigated by regulators or banks." He added that the OCC plans to hold the banks accountable as the investigation continues. The agency emphasized that the findings released on Thursday (December 11) are only the first phase of its investigation. Thousands of complaints remain to be reviewed as the OCC continues to assess whether banks have engaged in illegal discrimination against specific industries. The OCC has generally been easing its stance on cryptocurrencies. Last month, in an explanatory letter, the agency confirmed that major banks are now officially permitted to keep cryptocurrencies on their balance sheets for use in paying blockchain network fees for "other permitted" banking activities. On Tuesday (December 10), the regulator further stated that banks can process "risk-free principal transactions" related to crypto assets.