JPMorgan "bans" Strike CEO, raising renewed concerns in the U.S. encryption industry about the wave of "de-banking."

On November 25, JPMorgan Chase, a large American bank, closed the personal account of Bitcoin payment company Strike CEO Jack Mallers, raising renewed concerns in the U.S. crypto industry about the wave of “debanking.” Mallers stated on Sunday in a post on X that JPMorgan unexpectedly closed his personal account last month and refused to provide a reason. He wrote: “Last month, JPMorgan kicked me out of the bank. Every time I asked why, they only said: We can't tell you the reason.” This incident has reignited worries about “Operation Chokepoint 2.0”—a term used by critics to describe government pressure on banks to sever ties with crypto companies. U.S. Senator Cynthia Lummis tweeted on Monday: “Operation Chokepoint 2.0 sadly still exists.” She pointed out that JPMorgan's actions are undermining public confidence in the traditional banking system and pushing the crypto industry overseas. Lummis called for an end to this practice: “The U.S. should be the global digital asset hub, not forcing this industry to leave.”