- Senator Cynthia Lummis criticized JPMorgan for policies she views as hostile to the crypto industry.
- Operation Choke Point was a DOJ initiative aiming to cut banking ties with digital assets, which Lummis says should end.
- Lummis serves as chair of the Senate Banking Subcommittee on Digital Assets and advocates for lighter crypto regulation.
- JPMorgan has launched a stablecoin but remains cautious toward broad crypto adoption.
Senator Cynthia Lummis publicly condemned JPMorgan for its stance against cryptocurrency, stating that such policies damage trust in traditional banks and encourage the crypto sector to relocate internationally. On Twitter Monday, she called for ending “Operation Chokepoint 2.0” to position the United States as a global leader in digital assets.
The original Operation Choke Point, started by the U.S. Department of Justice in 2013, targeted banks to restrict services to cryptocurrency firms. As crypto has gained popularity at both federal and state levels in recent years, including increased recognition during the Trump administration, prominent lawmakers like Lummis have continued advocating for its integration into mainstream finance.
Earlier this year, Senator Lummis was appointed as the chair of the Senate Banking Subcommittee on Digital Assets. In this role, she has promoted multiple legislative efforts to ease regulatory burdens on the cryptocurrency industry. She is widely known for supporting the creation of a U.S. Bitcoin reserve managed by the Treasury Department.
Meanwhile, JPMorgan has shown gradual openness by launching its own stablecoin this year, a type of digital asset pegged to a stable currency or asset. Despite this, it has not embraced a fully pro-crypto investment or asset management approach, which Senator Lummis hopes will change moving forward.
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