Senator Cynthia Lummis Criticizes JPMorgan Over Bitcoin User Debanking
Lummis warns that JPMorgan’s unexplained account closure targeting Strike CEO Jack Mallers reflects harmful ‘Operation Chokepoint 2.0’ patterns that could weaken U.S. crypto competitiveness.
BTC
Summary
On November 25, JPMorgan closed the personal account of Strike CEO Jack Mallers without explanation, prompting U.S. Senator Cynthia Lummis to raise alarm over perceived debanking of crypto figures. She linked the action to 'Operation Chokepoint 2.0,' criticizing it as a threat to public trust in the banking system and warning it could push the U.S. cryptocurrency industry overseas. Lummis called for ending such practices to preserve America’s role in global digital asset leadership.
Terms & Concepts
- Operation Chokepoint 2.0: A term used by critics to describe alleged coordinated efforts by regulators or banks to limit access to banking services for cryptocurrency businesses.
- Debanking: The act of denying or terminating banking services to individuals or organizations.
- Digital assets: Electronic representations of value or rights, such as cryptocurrencies, that can be transferred or stored digitally.