Overview of Allegations
Donald Trump has announced his intention to file a lawsuit against JPMorgan Chase, alleging the banking institution's involvement in "debanking" practices. These alleged actions are reportedly connected to what is referred to as Operation Chokepoint 2.0. However, this planned lawsuit has not been officially confirmed through Trump's established communication channels, such as his social media accounts or official websites.
Context: Operation Chokepoint 2.0
The announcement of Trump's lawsuit emerges within the context of Operation Chokepoint 2.0. This operation is described as an alleged concerted effort by federal banking regulators under the current Biden administration. The objective of this operation is purportedly to pressure financial institutions into terminating services for cryptocurrency firms and individuals. Such actions are believed to have had a negative impact on the digital asset industry in the United States.
Key Figures and Institutions
Donald Trump, the former U.S. President, has previously stated his opposition to Operation Chokepoint 2.0, characterizing it as a campaign designed to coerce banks into severing ties with cryptocurrency businesses. While Trump's potential lawsuit against JPMorgan Chase is a subject of current discussion, there are no direct statements confirming this specific lawsuit in any primary records.
JPMorgan Chase has been mentioned in connection with debanking activities. However, there is no evidence available through their official channels that supports their participation in such practices. Fred Thiel, the CEO of Marathon Digital Holdings, has testified that his company experienced financial exclusion due to discriminatory banking policies that specifically targeted crypto firms.
Statements Regarding Operation Chokepoint 2.0
Marc Andreessen characterized Operation Chokepoint 2.0 as a form of "trickle down privatized domestic sanctions" during a podcast discussion. Brian Quintenz, a former Commissioner of the Commodity Futures Trading Commission (CFTC), attributed the clandestine debanking of personal crypto accounts to the examination activities conducted by the Federal Reserve and the Office of the Comptroller of the Currency (OCC).
Federal regulators, including the OCC, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, issued guidance that affected cryptocurrency-related activities. This included the withdrawal of OCC Interpretive Letter 1179. Subsequently, the guidance from IL 1179 was rescinded through OCC Interpretive Letter 1183, which effectively altered previous directives.
Impact of Regulatory Changes on Financial Institutions
In the wake of these regulatory shifts, several financial institutions have experienced temporary halts in their cryptocurrency-related operations. An October 2024 report from the Office of Inspector General noted that the FDIC issued "pause" letters to 23 banks. Furthermore, the House Financial Services Committee held a hearing on February 6, 2025, to examine the effects of Operation Chokepoint 2.0.
In July 2025, the Federal Reserve, FDIC, and OCC jointly rescinded prior guidance concerning crypto risks. This decision followed the withdrawal of joint statements and enforcement actions. Information regarding recent legislation and its implications is available through documentation from the House Financial Services Committee.
Broader Consequences for Crypto Assets
The overall environment shaped by Operation Chokepoint 2.0 appeared to influence crypto assets such as Bitcoin. While Bitcoin's market capitalization experienced a decline in previous years due to environmental and regulatory pressures, specific details concerning other assets, including Ethereum and various altcoins, have not been provided.
The failures of Silvergate Bank and Signature Bank, which were previously linked to regulatory limitations on crypto deposits, highlighted the ongoing repercussions for financial entities involved with digital assets. According to the Financial Services Committee report, custodial and settlement networks within the cryptocurrency space were effectively shut down.