Jamie Dimon rejects allegations of political debanking at JPMorgan

The comments followed public accusations from several high-profile figures. Strike CEO Jack Mallers said his personal bank accounts were closed without explanation, prompting renewed debate over whether banks are making politically motivated decisions. A ShapeShift representative described a similar experience, and Trump Media CEO Devin Nunes claimed the company was “debanked” as part of a broader campaign against organizations linked to Donald Trump.

Dimon rejected the accusations. He said the bank closes accounts held by people with a wide range of beliefs, but not because of those beliefs. He argued that debanking stems from regulatory requirements and rules tied to suspicious activity, negative public information, and reporting obligations. He emphasized that the bank shares customer information with authorities only in response to formal requests and legal process.

Dimon also said he opposes the current framework and has spent 15 years advocating for changes to the rules that govern account closures. He expressed support for the Trump administration’s recent directive instructing regulators to investigate claims of unjustified debanking within the banking industry.

As tensions between crypto firms and banks continue to rise, Dimon’s comments have drawn additional attention. In recent years, the crypto industry has repeatedly argued that it faces systematic barriers to basic financial services, fueling discussion of a so-called “Operation Chokepoint 2.0,” which regulators have consistently denied.

Dimon stressed that the issue should not become a partisan fight. He said both Democratic and Republican administrations pressure banks and that debanking requires a structural fix, not a search for political enemies.

He called for reform of the current rules, arguing that the system is cumbersome for customers and imposes excessive burdens on the banking sector.