- Donald Trump sued JPMorgan CEO Jamie Dimon in Miami, seeking $5 billion, alleging the bank unfairly closed or restricted his accounts.
- JPMorgan says the claim “has no merit” and that it did “didn’t close accounts for political or religious reasons.”
- The lawsuit feeds into broader accusations that banks have targeted crypto-linked businesses through so-called debanking campaigns.
- Officials and documents show banks scrutinized crypto-related activity under a label sometimes called Operation Chokepoint 2.0.
- Legal and industry observers disagree on whether such scrutiny was excessive or a normal response to a high‑risk industry.
Donald Trump filed a lawsuit in a Miami court suing JPMorgan CEO Jamie Dimon and the bank, seeking $5 billion. The complaint alleges the bank unfairly closed or limited his accounts after the January 6, 2021 events.
The suit targets the $833 billion bank linked in public markets as JPMorgan. JPMorgan has responded to the filing, saying the case “has no merit” and that it “didn’t close accounts for political or religious reasons,” according to reporting by the Financial Times.
The complaint and public comments follow wider claims that banks have cut ties with people and firms connected to cryptocurrencies. Claims of coordinated pressure since 2020 sometimes use the term Operation Chokepoint 2.0, echoing a prior law‑enforcement effort; the Office of the Comptroller of the Currency discussed that label in a notice linked to such scrutiny (OCC release).
Government records and correspondence show some banks increased scrutiny of crypto activity, and the FDIC has released related materials documenting such exchanges (FDIC correspondence). Observers remain split: some say enforcement went too far, while others point to the sector’s elevated risk and uneven business models as reasons for scrutiny (analysis).
“Debanking” refers to closing or limiting access to banking services for a person or company. Advocates for crypto firms argue such actions deny basic financial services; opponents say banks must manage legal and financial risks in a sector critics describe as having high volatility and business risks (revenue concerns, Binance.com/en/square/post/26712310647865″>risk commentary).
Earlier this month, Trump said he would sue Mr. Dimon, according to reporting by Politico. Trump and members of his family have also said their businesses faced banking limits after January 6; one related claim referenced his family’s businesses on social media (Eric Trump post).
The case is now pending in Miami and is part of broader debates about bank practices, regulatory oversight, and treatment of crypto‑linked customers.
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