'Grow up... We debank Democrats, we debank Republicans:' JPMorgan CEO on Debanking and Industry Rules

Source: CryptoNewsNet Original Title: ‘Grow up… We debank Democrats, we debank Republicans:’ JPMorgan CEO Original Link:

JPMorgan CEO Jamie Dimon’s Stance on Debanking

JPMorgan CEO Jamie Dimon has denied debanking customers based on their religious or political affiliation and stated that he has actually been working to change the rules surrounding debanking for over a decade.

During a recent interview, Dimon said his bank has cut off services to people from all walks of life, but political affiliations have never been a factor. He emphasized:

“We do not debank people for religious or political affiliations. We do debank them. They have religious or political affiliations. We debank people who are Democrats. We debank people who are Republicans. We have debanked different religious folks. Never was that for that reason.”

The Debanking Issue in Crypto

Crypto firms have been facing account closures and denials of banking services for years, with many in the industry stating that these actions are part of a policy-driven effort to suppress the digital assets sector. Notable figures affected include the CEO of a major Bitcoin Lightning Network payments company and executives from non-custodial crypto trading platforms.

Dimon’s Call for Rule Changes

Dimon expressed his desire for debanking rules to change, stating:

“I actually applaud efforts to say that debanking is bad and we should change the rules. Well, damn it, I have been asking to change the rules now for 15 years. So change the rules.”

He criticized the current system as “customer unfriendly” and noted that banks are debanking people “because of suspected things, or negative media, or all these various things.”

Government Compliance and Recommendations

Dimon explained that banks are required to share information with the government when subpoenaed by court order. However, he stated that JPMorgan has provided recommendations to reduce reporting requirements and instances of debanking.

He also emphasized that both Democratic and Republican administrations have pressured banks:

“Democratic and Republican governments have come after us both; let’s not act like this is just one side doing this. This has been going on for a long time. And we should stop militarizing the government that kind of way.”