Banking giant JPMorgan Chase abruptly closed the bank accounts of Strike CEO Jack Mallards in September, resurfacing concerns about debanking crypto executives.
“JPMorgan Chase kicked me out of my bank last month,” says the CEO of a Bitcoin-focused payments company. tweeted Sunday. “It was strange. My father has been a private customer there for over 30 years, and when I asked why, he always said the same thing: ‘I’m not allowed to tell you.'”
of letter Chase said the bank was “committed to regulatory compliance and ensuring the safety and integrity of our financial system,” referring to “activity” identified during routine monitoring but without providing specific details.
President Donald Trump is presidential order In August, it banned the debunking of crypto-related initiatives, and the bank’s actions raise questions such as:Operation Chokepoint 2.0”, the alleged Biden-era campaign to deny banking services to crypto companies is really over.
Following the Mallars revelations, Beau Hines, who previously led President Trump’s advisory council on digital assets and is now a strategic advisor to Tether, said: called out Banks: “Hey, Chase…you know that Operation Chokepoint is over, right? Just checking.”
President Trump previously acknowledged in June that bank deposit demonetization continues. tell decryption“As someone who has been a victim of politics myself, I can tell you that the big banks have been very mean to us.”
President Donald Trump’s son, Eric Trump, also said in May that “some of the biggest banks in the world” are saying, canceled account He said it was the catalyst for him and his family to embrace cryptocurrencies at the end of President Trump’s first term.
The letter Mallers shared also cited the Bank Secrecy Act, saying banks “may be unable to open new accounts in the future.”
inside Yahoo Finance interview Mallars fired JPMorgan CEO Jamie Dimon last year. Bitcoin criticismsaid, “What do you think about Jeffrey Epstein’s bankers sitting in a ski resort in Davos worrying that decentralized, decentralized, open public funds could be used for bad things? I don’t really care.”
What is debunking?
Operation Chokepoint 2.0 This is the term crypto industry leaders use to describe what they say was a coordinated effort by federal banking regulators under the Biden administration to pressure financial institutions to deny services to crypto companies and executives.
Name refers to original operation choke pointIt was a controversial Justice Department initiative during the Obama administration that blocked banks from doing business with industries deemed high-risk, such as payday lenders and gun dealers.
“Trying to stop cryptocurrencies won’t make them disappear; they’ll just thrive elsewhere and leave the United States behind,” said Jason Allegrante, chief legal and compliance officer at Fireblocks. decryption.
He also warned that delegating these decisions to regulators would leave “big questions about who has access to the U.S. financial system” and “undermine the democratic rule of law for everyone.”
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