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JPMorgan CEO Jamie Dimon denied claims that the bank debanked crypto figures or political groups after fresh allegations reignited concerns across the digital asset sector. The new claims surfaced after Bitcoin advocate Jack Mallers accused the bank of closing his personal and business accounts without explanation.
US President Donald Trump amplified the issue, which renewed fears of a broader effort to restrict access to crypto. The controversy raised a central question for the industry: Are federal rules pushing banks to close accounts that affect crypto users?
Last month, Mallers said JPMorgan closed his accounts in September without a stated reason. He leads Strike, a major Bitcoin payments company. His comments revived the debate over alleged discriminatory debanking. Soon after, Trump publicly supported Mallers’ claims. His comments intensified attention on the issue and encouraged broader political discussion.
Industry voices repeated the Operation Chokepoint 2.0 narrative. This describes perceived coordinated actions between regulators and banks to deny services to crypto firms. The debate escalated as more stories surfaced.
Furthermore, ShapeShift’s Houston Morgan reported similar account issues in November. These claims circulated widely and fed ongoing fears within digital asset companies.
Binance noted that political affiliations never influenced its banking relationships. Yet public tension grew as more entities described account terminations.
On Dec. 7, Dimon appeared on Fox News to address the allegations directly. He said the claims lacked factual support and that JPMorgan does not act based on political or industry alignment.
The Hill reported that Dimon acknowledged account closures do occur. He said the bank ends relationships for individuals and businesses, yet not due to politics or digital asset activity.
Dimon said existing reporting requirements often force banks to make difficult decisions. He described these requirements as customer-unfriendly and linked them to compliance triggers.
He added that federal regulations require banks to respond to suspicious-activity alerts. Adverse media reports can also prompt action. He said these rules lead to outcomes that banks prefer to avoid.
Trump signed an executive order in August directing regulators to investigate all claims of political or crypto-linked debanking. Dimon said JPMorgan welcomed reforms that could reduce reporting burdens.
He confirmed that the bank had recommended changes to federal reporting rules. He said such changes could reduce unnecessary account closures.
Devin Nunes, CEO of Trump Media and chair of the President’s intelligence advisory board, said JPMorgan debanked the company. He said more than 400 Trump-linked entities had banking records subpoenaed by special counsel Jack Smith.
Reporters asked Dimon whether the bank debanked Trump Media. He would not address the account directly. He said the bank does not act against customers based on political or religious identity.
Dimon said customers from a wide range of affiliations have lost access to their accounts. He noted that Democrats, Republicans, and groups of various religious backgrounds faced account closures.
He said these actions resulted from issues such as fraud, unpaid fees, or suspicious activity. These are typical triggers across the financial sector.
Debanking refers to banks closing accounts or denying services due to risk or compliance concerns. Crypto firms have long said they frequently face such actions.
Dimon said he has been advocating for regulatory changes for 15 years. He supports reforms that reduce unnecessary closures and help banks avoid actions tied to suspected activity or negative publicity.
He said the current system affects customers across industries. Crypto firms remain among the most vocal groups reporting account disruptions.
Also Read: JPMorgan to Allow Bitcoin and Ethereum as Loan Collateral
JPMorgan rejected all crypto and political-debanking claims, as Jamie Dimon said account closures stem from compliance rules rather than ideology. Ongoing allegations from industry figures, including Jack Mallers, continue to fuel concerns, signaling a need for clearer standards and stronger transparency across financial institutions.
