Summary
- JPMorgan said it acknowledged in official filings that in February 2021 it closed certain accounts in its commercial bank (CB) and private bank (PB) linked to President Trump.
- Trump said he filed a $5 billion damages lawsuit, alleging JPMorgan closed the accounts for political reasons and put him and his family on a 'reputational blacklist.'
- After the de-banking, the Trump family moved to establish the virtual-asset platform World Liberty Financial, and Trump has stressed a regulatory stance favorable to the virtual-asset industry if he returns to office.
JPMorgan has reportedly acknowledged in official filings that it closed accounts linked to President Donald Trump.
According to Cointelegraph, a media outlet specializing in virtual assets (cryptocurrencies), Dan Wilkening, JPMorgan’s former chief administrative officer (CAO), said in a recently submitted court document that “in February 2021, JPMorgan notified the plaintiff that it would close certain accounts opened in its commercial bank (CB) and private bank (PB).” The disclosure is said to be the first time JPMorgan has formally acknowledged closing accounts tied to Trump.
Trump filed a lawsuit against JPMorgan in late January. The complaint alleges the bank wrongfully terminated the accounts for political reasons, effectively placing him and his family on a “reputational blacklist.” Trump is seeking $5 billion in damages.
Trump’s legal counsel said in a statement that “this acknowledgment is a significant concession that substantiates President Trump’s claims,” adding that it amounts to the bank admitting it “deliberately de-banked President Trump, his family, and related businesses, causing substantial financial harm.”
JPMorgan spokesperson Trish Wexler told CNN, “We regret that the president has filed a lawsuit, but the claims are without merit.” She said the bank can wind down accounts that pose legal and regulatory risk and does not close accounts for political or religious reasons.
Trump’s eldest son, Eric Trump, has said in past interviews that the family experienced de-banking after the Capitol riot. “Hundreds of accounts were shut down in the middle of the night,” he said, adding that the episode fueled greater interest in virtual assets.
Afterward, the Trump family moved to establish a virtual-asset platform called World Liberty Financial. Trump has emphasized a more crypto-friendly regulatory stance if he returns to power.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
