Donald Trump will sue JPMorgan over de-banking: the battle between the magnate and traditional banking

Source: CritpoTendencia Original Title: Donald Trump will sue JPMorgan for de-banking after Capitol Hill events Original Link:

Donald Trump will sue JPMorgan for de-banking

In the coming weeks, Donald Trump will file a lawsuit against the banking giant JPMorgan Chase over the closure of his accounts following the Capitol Hill events.

The U.S. president has maintained an open conflict with the financial institution since it decided to de-bank him, a measure he now seeks to legally challenge. This action could have a significant impact on the financial system, in a context marked by the reversal of what the crypto sector calls <<chokepoint 2.0=“”>> operation.

The context dates back to the Joe Biden administration, during which, according to the cryptocurrency industry, a coordinated offensive was launched between government agencies and traditional financial institutions to curb technological and financial innovation.

This scenario led to an unprecedented offensive that included legal proceedings against software developers and entrepreneurs involved in innovation. Meanwhile, large financial entities like JPMorgan advanced with de-banking thousands of people who operated or interacted with emerging technological platforms.

While the Biden administration favored banks through regulatory and judicial actions against innovators, banks, in turn, benefited the Democratic Party by freezing or closing accounts of key political opponents, including Trump himself.

The Capitol Hill riots on January 6, 2021, became the central argument for JPMorgan to proceed with closing the accounts of the Republican magnate.

After leaving the White House, the Trump family claims to have experienced years of financial exclusion as part of the <<chokepoint 2.0=“”>> operation. In fact, they assert that this scenario was one of the factors that led them to engage more actively with the cryptocurrency ecosystem.

Trump’s revenge against JPMorgan

In a recent post on Truth Social, Trump stated that within approximately two weeks he will formally file a lawsuit against JPMorgan for de-banking. The message came in response to an article suggesting that the White House was considering nominating Jamie Dimon as Federal Reserve Chair.

Trump reacted strongly to the report, calling it fake news, and argued that journalists should have contacted him directly before publishing unverified information. In this regard, he categorically denied that there was or had been any possibility of Dimon being nominated to the central bank by his administration.

Additionally, the president dismissed previous reports indicating that in 2025 Dimon would have been considered for the Treasury Secretary position. Trump stated that this position was always intended for Scott Bessent, whom he praised for his management at the agency.

Thus, Trump not only dismissed any scenario in which JPMorgan’s CEO would hold a federal position but also reaffirmed his intention to pursue legal action against the banking entity.

Dimon’s shots

Meanwhile, it was recently reported that the U.S. Department of Justice has launched an investigation into the Federal Reserve and its president, Jerome Powell. Analysts interpret this episode as a new use of federal agencies as tools of political pressure, now under the Trump administration.

In response, Jamie Dimon criticized the investigation in a firm tone and warned that risking the independence of the central bank could have negative consequences for financial markets. According to the executive, a direct attack on the Fed could raise inflation expectations and lead to sharp increases in interest rates.

In this context, the relationship between Trump and Dimon appears clearly deteriorated. The possibility of JPMorgan’s CEO being nominated by Trump to lead the Federal Reserve seems, in light of these events, virtually ruled out.