Donald Trump has sued JPMorgan CEO Jamie Dimon personally in a Miami court. Trump is seeking $5 billion from Dimon and his $833 billion bank on allegations that Dimon unfairly debanked him.
Broadly speaking, the lawsuit reinforces a popular gripe from certain members of the crypto community that banks unfairly restrict access to companies with ties to crypto.
Allegations of debanking campaigns against crypto executives since 2020 — including Trump and his family’s businesses — have conspiratorial names like Operation Chokepoint 2.0, named after the US Justice Department’s 2013-2017 Operation Chokepoint enforcement against payday lenders and firearms dealers.
There’s some evidence that banks scrutinized crypto companies under that 2.0 name, yet there’s polarized disagreement as to whether it was overbearing or outside the regular scope of enforcement initiatives against a legitimately high–risk industry.
Read more: CHART: BTC underperforms in Trump’s first year in office
JPMorgan has already responded to Trump’s lawsuit, claiming it “has no merit” and reiterating that it didn’t close accounts for political or religious reasons.
Earlier this month, Trump promised to sue Dimon for allegedly debanking him after the January 6, 2021 protests on Capitol Hill.
Trump thinks Dimon decided to close or restrict his JPMorgan account following the riot.
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