Summary
- U.S. President Donald Trump said he plans to file a lawsuit against JPMorgan Chase, the world’s largest investment bank, within the next two weeks.
- Trump and his family have claimed they were debanked by major banks, saying the experience prompted their interest in digital assets (cryptocurrencies).
- Donald Trump Jr. said, “We entered digital assets because we were debanked,” adding that crypto is the most efficient choice and the future of banking.
U.S. President Donald Trump has signaled legal action against JPMorgan Chase, the world’s largest investment bank.
On the 18th (Korea time), Trump wrote on his social media platform Truth Social, “I will sue JPMorgan Chase within the next two weeks,” claiming that he was unfairly “debanked” after the Jan. 6, 2021 Capitol riot. Debanking refers to restricting or terminating access to banking services for specific reasons.
The remarks came as Trump pushed back against a Wall Street Journal (WSJ) report that JPMorgan Chase CEO Jamie Dimon had been offered the role of Chair of the Federal Reserve (Fed). Trump called the WSJ “fake news” and dismissed the report, saying “there was no such offer at all.”
Trump has repeatedly claimed that he and his family have faced restrictions on financial services from major banks. He has also said those experiences helped lead the Trump family to take an interest in digital assets (cryptocurrencies).
In an interview, his eldest son Donald Trump Jr. said, “We entered digital assets because we were debanked,” adding that they “had to find an alternative,” and that crypto is “the most efficient choice and the future of banking.” His second son, Eric Trump, has also signaled legal action, alleging that Capital One halted financial services to the Trump Organization.
Meanwhile, Trump and Dimon have recently sparred over controversy surrounding Fed Chair Jerome Powell. Dimon has voiced concern that “the Fed’s independence could be undermined” in connection with criticism that Trump is applying political pressure on Powell.
