US Regulators wants Banks to Stop Blacklisting Legal Businesses, including Crypto
November 21, 2020 11:25 am
As per the announcement, the Office of the Comptroller of the Currency, or OCC, is looking for public comments on rulemaking that would stop banks from rejecting services to businesses based on sector. According to the words of Comptroller Brian Brooks, “Blanket boycotts of entire industry sectors have to stop.”
“These things are not politically partisan, but there are all kinds of attempts that we’ve seen to politically weaponize the banking system. There is a creeping politicization of the banking industry that has the potential to be very dangerous.”
The OCC’s announcement points to political hot-button issues that banks have rejected services to, including oil and gas companies in Alaska as well as Planned Parenthood.
“There is no place within the United States where crypto is illegal, but there are different licensing requirements for companies involved with businesses so obviously if a bank was banking one of those businesses, one of the things that bank would look at as part of its diligence is whether that exchange or other business had the relevant approvals in that state.”