JPMorgan Chase Dimon: Current regulations force banks to close accounts, not political or religious factors

Recently, the US has once again stirred up controversy over debanking. Members of the Trump camp, Strike CEO Jack Mallers—a blockchain payment startup—and several crypto industry professionals have consecutively accused JP Morgan of abruptly closing their accounts without warning, raising concerns about whether banks harbor political or industry bias. In response, JP Morgan CEO Jamie Dimon made a rare public statement, emphasizing that account closures are not based on political or religious positions, but are compelled by current regulations, and revealed that he has been calling for reform of the system for 15 years.

Trump Camp and Crypto Industry Repeatedly Accuse Account Closures, Political and Industry Concerns Intensify

Before Dimon’s interview, Trump Media CEO Devin Nunes, Strike CEO Jack Mallers, and ShapeShift Head of Marketing Houston Morgan all accused JP Morgan of closing accounts or refusing to provide services.

Some have even linked this to Special Counsel Jack Smith’s investigation into financial records, bringing renewed attention to the question of whether “Chokepoint 2.0” exists.

(Strike CEO’s Account Closed by JP Morgan, US Senators Warn Chokepoint 2.0 May Reemerge)

Dimon Denies This, Says Account Closures Not Based on Religion or Politics

In his latest interview, Dimon said such accusations are not correct. He stated:

“People need to be more mature and stop making up stories. We don’t close accounts because of religious or political positions. We’ve closed accounts for Democrats, Republicans, and clients of various religions, but never for those reasons.”

Dimon emphasized that account closures are usually due to legal, risk management, or negative review requirements, not political or religious backgrounds.

Opposed to the Current System for Years, Calling for Reform for 15 Years

Regarding the account closure controversy, Dimon stated that he has personally long opposed the current system. He pointed out that current regulations require banks to take action when there is suspected risk, negative news, or various reporting obligations, which is not something banks are happy to do. He said:

“These rules really aren’t friendly. I’ve been asking for these regulations to be changed for 15 years.”

Dimon also praised the Trump administration for starting to review the account closure issue, calling the reform direction reasonable.

Banks Cooperate With Government Investigations by Law, Do Not Provide Information Proactively

Facing external concerns that banks proactively hand over information to the government, Dimon clarified directly:

“We don’t give information just because the government asks. We only provide it when we receive a court subpoena. I’m just fulfilling my legal obligations; it doesn’t mean I agree with these requirements.”

He added that regardless of which administration is in power, banks must follow the same legal procedures, so there is no bias toward any political camp.

Both Parties Have Pressured Banks, Dimon Urges to Stop Politicizing

Dimon stated that the account closure issue is gradually becoming politicized, and that both Democrats and Republicans have pressured banks. He said:

“Both Democratic and Republican administrations have come to us, so don’t pretend it’s only one side. Everyone should calm down and solve the problem, not push banks into the political battlefield.”

(Wall Street Journal: Trump Plans Executive Order to Halt Chokepoint 2.0, Strongly Supports Crypto Industry Against Bank Discrimination)

This article “JP Morgan’s Dimon: Current Regulations Force Banks to Close Accounts, Not Political or Religious Factors” first appeared on ABMedia.