US President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. Trump's team claims his bank accounts were closed for political reasons following the January 6, 2021, attack on the US Capitol.
In a complaint filed in a Florida state court on the 22nd (local time), the Trump campaign stated that JPMorgan unilaterally closed Trump-related corporate accounts in February 2021. At the time, the accounts reportedly contained millions of dollars. JPMorgan refuted the complaint, stating that it never closed the accounts for political reasons.
This lawsuit is attracting attention as it coincides with the "debanking" controversy surrounding the US financial sector. In the complaint, Trump's team alleged that banks practice restricting access to finance based on political leanings or controversy.
Some interpret the Trump family's expansion into cryptocurrency businesses as being related to these changes in the financial landscape. Trump's eldest son has previously stated in public that he has experienced difficulties accessing banking and insurance services since entering politics. However, specific figures regarding the scale or revenue of the Trump family's cryptocurrency business have not been officially confirmed.
Meanwhile, while Trump has previously expressed criticism of cryptocurrencies, he has recently emphasized the need to improve the regulatory environment for the digital asset industry. Last year, he even ordered a review, raising concerns that the digital asset industry was being subject to unfair financial restrictions.
Currently, US financial regulators are discussing the need for institutional reforms to address financial access issues in the cryptocurrency industry. However, further discussions are ongoing regarding the specific implementation and scope of these policies.
