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JPMorgan Chase first admits to closing Trump's account after the Capitol Hill incident
ChainCatcher reports that, according to Cointelegraph, former CEO of the largest U.S. bank JPMorgan Chase, Dan Wilkening, admitted in court documents that the bank decided to close Trump-related commercial and private banking accounts in February 2021. This is JPMorgan Chase’s first official acknowledgment of implementing “debanking” against Trump.
Trump filed a lawsuit against JPMorgan Chase at the end of January this year, accusing the bank of illegally terminating his accounts for political reasons, placing him and his family on a reputation “blacklist,” and seeking $5 billion in damages. His legal team characterized the admission as a “devastating concession.” JPMorgan Chase spokesperson Trish Wexler responded that the bank closed the accounts based on legal or regulatory risks, not political or religious reasons.
Trump’s son, Eric Trump, has repeatedly stated that it was due to “debanking” that the family fully shifted to the crypto space. He revealed that Capital One closed his 300 bank accounts overnight, an experience that directly led him to spearhead the creation of the Trump family crypto platform, World Liberty Financial.