JPMorgan Chase cuts ties with CEO of Bitcoin firm Strike, sparking fears of renewed “debanking” in the US. Mallers’ personal accounts closed without explanation. Concerns of Operation Chokepoint 2.0 resurface as pressure on banks to sever ties with crypto companies continues. US Senator Lummis calls for an end to debanking efforts.

Debanking efforts targeting crypto may persist until January 2026, pending appointment of a new Federal Reserve governor. Custodia Bank CEO claims company faced debanking efforts, costing millions. Collapse of crypto-friendly banks in 2023 led to allegations of Operation Chokepoint 2.0. Trump signed executive order to prevent banks from cutting off services to politically unfavorable industries.

Senator Lummis accuses FDIC of destroying records related to Operation Chokepoint 2.0. Whistleblower alleges FDIC is destroying material, prompting Lummis to demand halt and threaten criminal referrals. Traditional financial institutions criticize crypto firms for illicit finance while US banks pay over $200 billion in fines for compliance failures over two decades. JPMorgan Chase paid more than $40 billion in fines.

Read more at Cointelegraph: JPMorgan Debanks Strike CEO Mallers Amid Chokepoint 2.0 Warning