- Donald Trump sued JP Morgan and CEO Jamie Dimon for $5 billion, alleging political debanking after January 6.
- The suit was filed in Florida and follows a public threat to sue made on a Truth Social post.
- The complaint claims the bank closed accounts in early 2021 for “political and social motivations.”
- Trump previously blamed federal regulators and the Biden administration for widespread debanking in public remarks.
- The administration later issued an executive order and regulators adopted policies addressing political debanking and crypto-related concerns.
On Thursday, Donald Trump filed a $5 billion lawsuit in Florida against JP Morgan and its CEO Jamie Dimon, saying the bank cut ties with him and his businesses for political reasons after the January 6 events. The filing follows a public threat to sue posted on Truth Social over what he called improper debanking.
The complaint says JP Morgan closed the accounts in early 2021 “as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.” A spokesperson for the bank did not immediately respond to requests for comment.
The Trump family has long said top U.S. banks shut them out after the end of his first term, and those claims helped push them toward crypto as an alternative financial option. In a June Oval Office exchange, when asked about debanking, Trump said—via a tweeted exchange—“I can tell you, because I’ve been a victim myself, because of my politics, that big banks were very nasty to us.” He added, “If the Biden people order the banks to be virtually closed, they can do anything they want. The regulators control the banks.”
In August, the president signed an executive order directing federal banking regulators to adopt policies aimed at preventing political debanking and addressing concerns from the crypto industry. The order stated, “The digital assets industry has […] been the unfair target of debanking initiatives.” Federal regulators under the current administration have since issued policies intended to ease those industry concerns.
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