Trump Makes Good on Threat, Sues JP Morgan for $5 Billion Over Debanking
Donald Trump filed a $5 billion lawsuit against JP Morgan Chase and CEO Jamie Dimon, alleging the bank closed his and his businesses’ accounts for political reasons following the January 6, 2021, events. Trump claims JP Morgan acted out of “woke” motivations to distance itself from his conservative views. The Trump family has argued they were excluded from major banks due to political backlash, which motivated their interest in cryptocurrencies as alternatives with fewer restrictions. Trump has stated that federal regulators, rather than bank executives, ultimately exert control over bank decisions, blaming the Biden administration for such actions. However, Trump’s lawsuit targets JP Morgan leadership. In August, Trump signed an executive order requiring federal regulators to ban debanking based on political views or crypto involvement. Crypto industry leaders have claimed similar discrimination, alleging the Biden administration pressured banks to cut off crypto businesses. Since Trump’s return to office, regulators have implemented new policies addressing debanking concerns for both political and crypto-related reasons.
