The Vague Phrase Behind Crypto Debanking Just Got a Legal Definition

The OCC and FDIC issued a joint final rule defining "unsafe or unsound practice" — for decades an undefined supervisory term — requiring examiner objections to tie to material financial risk or legal violations rather than nonfinancial matters, and standardising Matters Requiring Attention. The rule doesn't mention crypto; industry groups read it as removing the discretionary lever behind past pressure on banks serving crypto firms. It takes effect 60 days after Federal Register publication; the Federal Reserve, with its own reputational-risk proposal outstanding, is not a party.