Mystery Grows as JPMorgan Closes Crypto Accounts Even After Trump's Prohibition
- JPMorgan's closure of Strike CEO Jack Mallers' accounts reignites debates over crypto-linked "debanking" despite Trump's August executive order banning such restrictions. - The bank cited "concerning activity" under the Bank Secrecy Act but refused to explain its decision, echoing industry concerns about politically influenced banking practices. - Critics warn such actions risk pushing crypto activity overseas and highlight unresolved tensions between regulatory compliance and innovation in digital asset
JPMorgan Chase’s recent closure of Strike CEO Jack Mallers’ personal bank accounts has reignited debate over whether American banks are still limiting services to individuals connected to cryptocurrency, despite a directive from President Donald Trump that forbids such actions
In a letter sent to Mallers by
This account closure seems to run counter to Trump’s executive order from August, which specifically bars banks from refusing services to crypto-related businesses. The administration described the order as a measure to prevent unfair treatment, but Mallers’ experience underscores ongoing doubts about its implementation. Jason Allegrante, Fireblocks’ Chief Legal and Compliance Officer,
This event follows earlier accounts of debanking involving Trump and his family. In June,
JPMorgan’s decision also comes at a time of strong financial results.
As the crypto industry faces ongoing regulatory and institutional hurdles, Mallers’ situation has become a central example in the debate over how to balance regulatory compliance with financial innovation. With no definitive answers yet, the case raises important questions about whether digital asset companies will have reliable access to banking and if federal protections will be effectively enforced.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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