Senator Lummis Critiques JPMorgan’s Anti-Crypto Actions
- U.S. Senator Cynthia Lummis condemned JPMorgan for closing the accounts of Jack Mallers, CEO of Bitcoin payment firm Strike.
- Lummis argues that such actions undermine public trust in traditional banking and push digital asset businesses abroad.
- Operation Chokepoint 2.0 aims to restrict blockchain firms from accessing banking services, continuing a legacy from the original Operation Chokepoint initiated in 2013.
- Despite launching its own stablecoin, JPM Coin, the bank remains cautious about investing in cryptocurrency as an asset class.
- Mallers highlighted that his family has been a client of JPMorgan for over three decades without receiving a clear reason for account closure.
Lummis’s remarks reflect broader concerns regarding how major banks like JPMorgan are handling relationships with the Bitcoin industry amid increasing demand for digital assets. The ongoing backlash against JPMorgan includes criticism from prominent crypto advocates like Grant Cardone and Max Keiser.
The situation underscores the tension between traditional financial institutions and the growing crypto sector, as seen in Mallers’ case where no justification was given despite long-standing client relations.
