The debate over debanking has recently resurfaced in the United States. Members of the Trump campaign, Jack Mallers, CEO of blockchain payment startup Strike, and several crypto industry professionals have accused JPMorgan Chase of closing accounts without warning, raising questions about whether banks harbor political or industrial biases. In response, JPMorgan Chase CEO Jamie Dimon made a rare public statement, emphasizing that the account closures were not based on political or religious stances, but rather on being forced by current regulations, and revealing that he has been advocating for systemic reform for 15 years.
Trump's camp and crypto operators frequently threaten to shut down accounts, fueling political and industrial concerns.
Prior to Dimon's interview, several figures, including Trump Media CEO Devin Nunes, Strike CEO Jack Mallers, and ShapeShift marketing director Houston Morgan, had all accused JPMorgan Chase of closing accounts or refusing to provide services.
Some have also linked this to Special Counsel Jack Smith's investigation into financial records, bringing the existence of "Chokepoint 2.0" back into the spotlight.
Dimon denied this, stating that the account suspension was not due to religious or political stance.
In a recent interview, Dimon stated that the accusations were incorrect. He said:
"Everyone needs to be more mature and stop making up stories. We don't close accounts because of religion or political stance. We've suspended accounts from Democrats, Republicans, and customers of different religions, but never for those reasons."
Dimon emphasized that account closures are usually due to legal, risk management, or negative review requirements, rather than political or religious background.
They have opposed the current system for many years and have been demanding reform for 15 years.
Regarding the controversy surrounding account suspension, Dimon stated that he has long opposed the current system. He pointed out that current regulations require banks to initiate relevant measures when suspected risks arise, negative news occurs, or various reporting obligations are triggered, which is not a practice banks prefer. He stated:
"These rules are really unfriendly. I've been asking for these regulations to be changed for 15 years."
Dimon also acknowledged that the Trump administration had begun to examine the issue of account suspensions and believed that the direction of reform was reasonable.
The bank cooperated with the government investigation in accordance with the law; it did not provide the information voluntarily.
In response to external questions about the bank's voluntary submission of information to the government, Dimon directly clarified:
"We will not provide information just because the government requests it. We will only provide it when we receive a court summons. I am simply fulfilling my legal obligations, not agreeing to these requests."
He added that regardless of which government comes to power, banks must follow the same legal procedures, so there is no bias towards any particular political camp.
Both parties have pressured banks, and Dimon called for an end to politicization.
Dimon stated that the issue of account suspension has become increasingly politicized, and that both the Democratic and Republican parties have pressured banks. He said:
"Both Democratic and Republican administrations have approached us. Let's not pretend that only one side is doing this. We should calm down and solve the problem, instead of pushing the bank into the political arena."
This article, "JPMorgan Dimon: Current Regulations Force Banks to Close Accounts, Non-Political and Religious Factors," first appeared on ABMedia ABMedia .
