JPMorgan CEO Jamie Dimon has refuted claims of debanking customers due to their religious or political views, asserting that he has been advocating for changes to debanking regulations for over a decade.
In a Sunday interview with Fox News’ “Sunday Morning Futures,” Dimon stated that his bank has terminated services for clients from diverse backgrounds, but never based on political affiliations.
Devin Nunes, chair of the President’s intelligence advisory board and CEO of Trump Media, claims that JPMorgan debanked his company, which is one of over 400 Trump-affiliated individuals and organizations whose banking records were subpoenaed by special counsel Jack Smith during an investigation.
Jack Mallers, CEO of the Bitcoin Lightning Network payments company Strike, accused JPMorgan of closing his personal accounts without explanation last month, raising alarms about a potential Operation Chokepoint 2.0.
Houston Morgan, head of marketing at non-custodial crypto trading platform ShapeShift, shared a similar experience in November.
“People need to mature and stop fabricating stories,” Dimon remarked. “I can’t discuss individual accounts. We do not debank individuals based on their 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 various religious individuals. It was never the reason behind it.”
Dimon advocates for changes to debanking rules
Crypto companies have faced account closures and banking service rejections for years, with many in the sector alleging a policy-driven agenda to suppress digital assets.
However, Dimon expressed his discontent with debanking practices and emphasized the need for revised reporting rules that could lead to such actions.
“I commend the Trump administration for suggesting that debanking is detrimental and that we should alter the rules. I have been advocating for rule changes for the past 15 years. So, let’s change the rules.”
“The current approach is unfriendly to customers, resulting in debanking due to suspicions, negative media, or similar factors,” Dimon added.
In August, US President Donald Trump issued an executive order mandating banking regulators to investigate claims regarding debanking from the crypto sector and conservatives.
Dimon: JPMorgan has proposed measures to address debanking
Dimon noted that one requirement for banks is to share information with the government when subpoenaed, but claims JPMorgan has provided recommendations aimed at reducing reporting that could lead to debanking instances.
Related: Republicans advocate for action on market structure bill in response to debanking concerns
“We don’t provide information to the government just upon request. We are subpoenaed, which legally obligates us to comply. I have followed subpoenas from this administration, the previous ones, and I do not agree with much of it,” Dimon stated.
“The government undertakes many actions that can frustrate banks. Let’s take a moment to address the issues instead of attributing blame to those caught in the situation,” he added.
Simultaneously, Dimon remarked that both political parties are equally responsible for pressuring banks.
“Both Democratic and Republican administrations have targeted us; let’s not pretend it’s only one side. This has persisted for a long time, and we should refrain from militarizing the government in this manner.”
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
