JPMorgan is at the center of fierce controversy, as figures in the crypto industry accuse the bank of closing accounts for political reasons, targeting those connected with Donald Trump, accusations that CEO Jamie Dimon strongly rejects. Many crypto figures complain that JPMorgan suddenly and without explanation closed their bank accounts. Jack Mallers, CEO of Strike, states that he lost access to his personal funds. Similarly, Devin Nunes' Trump Media reports a similar block, while the ShapeShift platform also makes the same accusation.
Fears of "Operation Chokepoint"
These incidents reignite fears of a new form of the notorious "Operation Chokepoint," a practice where government agencies pressure banks to limit access to specific sectors, this time targeting crypto services.
Jamie Dimon’s response
Jamie Dimon categorically rejects the accusations, emphasizing in an interview with Fox News that JPMorgan never proceeds to close accounts for political or ideological reasons. Dimon maintains that the problem is not political, but institutional. For 15 years, he has been asking for a review of regulations that push banks to close accounts based on simple "suspicions" or published reports, something which, he says, creates room for arbitrary debanking and potential financial censorship. The issue brings back to the forefront the great debate about the banks' stance towards digital assets and whether they should truly remain neutral, as the crypto sector continues to expand rapidly. Jamie Dimon reminds that JPMorgan never hands over data to authorities without an official subpoena, but he accuses the political climate of turning banks into easy targets. For him, the root of the problem lies in the legislation, not the bank's intentions.
Crypto community: fears of abuse of procedures
According to Cointribune, the crypto community fears that current procedures can be used abusively, acting as an obstacle to decentralized finance. In a period where digital wallets are gaining ground, every account closure incident increases mistrust towards traditional providers.
A front that remains open
In any case, the war between crypto supporters and traditional banks is far from over. Regulation will be called upon to decide whether the economy of the future will prioritize control or innovation before the gap between the two philosophies of finance becomes unbridgeable.
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