President Donald Trump reportedly sued JPMorgan Chase and its CEO Jamie Dimon on Thursday over allegedly debanking multiple accounts tied to the president — an issue that has also been criticized by the crypto industry over the years.
Trump’s lawyers sued Dimon and JPMorgan Chase Bank in a circuit court in Miami-Dade County, Florida, and say the behemoth bank “without warning or remedy” terminated several bank accounts in February 2021.
Plaintiffs, which include hospitality and golf limited liability companies, “are confident that JMPC’s unilateral decision came about as a result of political and social motivations.”
“In essence, JPMC debanked Plaintiffs’ Account because it believed that the political tide at the moment favored doing so,” they said in the complaint, according to the complaint posted by CNBC.
The term debanking has come up frequently over the years in crypto circles. Many in the industry say they have faced challenges when looking to establish and maintain bank accounts in the U.S., coining the phrase “Operation Choke Point 2.0” to compare it with Operation Choke Point 1.0. The first instance refers to the 2013 U.S. Department of Justice Initiative that sought to limit banking services for industries considered high-risk for fraud and money laundering, including payday lenders and firearm dealers. The latter instance refers to alleged moves by the Biden administration to push out digital assets.
Since the start of the Trump administration one year ago, the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have already pledged to stop weighing “reputational risk” when evaluating banks’ customer relationships.
In a statement on Thursday, JPMorgan Chase referred to current rules and asked for changes.
“JPMC does not close accounts for political or religious reasons,” they said in the statement. “We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so.”
“We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector,” the bank added.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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