In a move that’s reignited heated debates over crypto debanking, JPMorgan Chase has abruptly closed the personal bank accounts of Strike CEO Jack Mallers, citing vague “concerning activity.” This incident, revealed in late September 2025, comes just months after President Donald Trump’s executive order aimed at prohibiting banks from denying services to cryptocurrency firms. As the digital asset sector pushes for mainstream adoption, this high-profile case underscores ongoing tensions between traditional finance giants and the crypto world.
What Happened: JPMorgan’s Sudden Account Closure
Jack Mallers, the outspoken CEO of Bitcoin payment platform Strike, shared a shocking revelation on X (formerly Twitter) last month: JPMorgan Chase terminated his banking relationship without clear explanation. In a letter dated September 2025, the bank informed Mallers that his accounts would close by October 31 due to “concerning activity” detected during routine monitoring. Despite repeated inquiries, JPMorgan refused to elaborate, stating they were “not allowed to tell” and emphasizing their commitment to regulatory compliance under the Bank Secrecy Act.
The closure affects not just Mallers but highlights a personal stake—his father has been a private client at the bank for over 30 years. “It was bizarre,” Mallers tweeted, questioning the opacity of the decision. The letter also warned that JPMorgan “may not be able to open new accounts for you in the future,” leaving the entrepreneur sidelined from one of America’s largest financial institutions.
For more details on Mallers’ account, read his original disclosure here.
The Shadow of Operation Chokepoint 2.0: A History of Crypto Debanking
This isn’t an isolated event; it’s a stark reminder of Operation Chokepoint 2.0, the alleged Biden-era initiative where federal regulators pressured banks to cut ties with crypto businesses deemed “high-risk.” Modeled after the Obama administration’s original Operation Chokepoint—which targeted industries like payday lenders and gun sellers—this sequel reportedly silenced crypto founders through secret account freezes and service denials.
Even after the Federal Reserve ended its crypto-specific supervisory program in 2025, debanking persists, fueling fears that U.S. policies are driving innovation abroad. Jason Allegrante, Chief Legal and Compliance Officer at Fireblocks, told Decrypt: “Trying to choke off crypto won’t make it go away, it’ll just push it to thrive elsewhere and leave the US behind.” He added that such opaque decisions raise “major questions about who can access the US financial system” and undermine democratic principles.
Explore the full backstory on Operation Chokepoint 2.0 in this Decrypt deep dive.
Trump’s Executive Order: A Promise Unfulfilled?
In August 2025, President Trump signed an executive order explicitly banning debanking of crypto-related initiatives, vowing to protect the industry from regulatory overreach. Speaking to Decrypt in June, Trump lamented the practice, drawing from personal experience: “I can tell you, because I’ve been a victim myself because of my politics, that big banks were very nasty to us.”
Eric Trump echoed this in May, revealing that “some of the biggest banks in the world” canceled family accounts at the end of his father’s first term—a catalyst for their crypto embrace. Yet Mallers’ case suggests the order’s impact is limited, prompting critics to question enforcement.
For the official order details, see Trump’s anti-debanking directive.
Senator Lummis Weighs In: Time to End Operation Chokepoint 2.0
The story gained fresh momentum on November 24, 2025, when U.S. Senator Cynthia Lummis (R-WY), a vocal crypto advocate, blasted JPMorgan on X. In a thread, she declared: “Operation Chokepoint 2.0 regrettably lives on. Policies like JP Morgan’s undermine confidence in traditional banks and send the digital asset industry overseas. It’s past time we put Operation Chokepoint 2.0 to rest to make America the digital asset capital of the world.”
Lummis linked directly to the Decrypt report, amplifying calls for legislative action. Her post, which garnered over 11,000 views in hours, sparked replies urging stronger intervention—from jabs at JPMorgan CEO Jamie Dimon (whom Mallers once called “Jeffrey Epstein’s banker”) to demands for the “People to speak up for #Bitcoin.”
View Senator Lummis’ full thread here.
Other reactions poured in, including from Bo Hines, Trump’s former digital assets advisor and now Tether’s strategist: “Hey Chase… you guys know Operation Choke Point is over, right? Just checking.”
Implications for Crypto: Innovation at Risk?
Mallers isn’t alone in clashing with JPMorgan’s Jamie Dimon, a longtime Bitcoin skeptic. In a 2023 Yahoo Finance interview, Mallers dismissed Dimon’s warnings, quipping about the CEO’s Davos ski trips. Now, with Strike’s global Bitcoin Lightning Network push, this debanking could symbolize broader resistance to decentralized finance.
Experts warn that continued friction erodes trust in U.S. banks, accelerating crypto’s shift to offshore hubs. As Allegrante noted, it’s not just about one CEO—it’s a threat to the entire industry’s access to basic financial rails.
Conclusion: Will Congress Act to Protect Crypto from Debanking?
JPMorgan’s decision to debank Strike’s Jack Mallers has thrust crypto debanking concerns back into the spotlight, challenging Trump’s pro-crypto stance and exposing cracks in regulatory reform. With voices like Senator Lummis demanding an end to Operation Chokepoint 2.0, the coming months could see heightened scrutiny on Wall Street’s role in digital assets.
As the U.S. vies to become the “crypto capital of the world,” incidents like this beg the question: Are legacy banks adapting, or are they still choking innovation? Stay tuned— the battle for financial inclusion in crypto is far from over.
This article is for informational purposes only and not financial advice. Sources include Decrypt and X posts from key figures in the debate.
