U.S. banks are being accused of quietly reviving “Choke Point 2.0” after an OCC review found several major institutions blocking services to fully legal industries — especially crypto — not for risk, but simply for what they are.
The original Operation Choke Point (2013–2017) targeted “high-risk” sectors. Now, crypto watchers say the playbook is back, supported by leaked FDIC memos showing deep distrust of digital assets.
The OCC flagged heightened restrictions across crypto, oil & gas, firearms, coal, tobacco/vapes, adult entertainment, and more — with big names like JPMorgan, Bank of America, Citi, Wells Fargo, PNC, TD, and others in the spotlight.
Comptroller Jonathan Gould says the agency won’t let banks weaponize access to the financial system, and thousands of complaints are still being reviewed.
Meanwhile, the OCC has quietly opened the door for banks to hold crypto for blockchain fees and conduct riskless principal trades — a notable shift.
More sharp crypto news coming your way.
#CryptoNews #ChokePoint #USBanks
