Former US President Donald Trump has filed a $5 billion lawsuit against JPMorgan, accusing the banking giant of debanking him and his businesses without cause. Trump alleges trade libel and breach of covenant of good faith. JPMorgan denies the claims, stating they do not close accounts for political or religious reasons.

Trump’s lawsuit comes after his social media post defending the Capitol attack by his supporters in January 2021. Jamie Dimon, CEO of JPMorgan, has previously denied debanking allegations for political or religious reasons in the crypto industry. Trump signed an executive order in August to investigate and prevent politicized debanking.

Republican lawmakers have been pushing for investigations into debanking claims related to the crypto industry, even before President Biden left office in January 2025. The movement, dubbed “Operation Chokepoint 2.0,” aims to address orchestrated efforts by the US government to restrict access to traditional banking for those involved in digital assets.

Read more at Cointelegraph: Trump Sues JPMorgan in Florida Court for $5B over Debanking Claims: Report