Strike CEO Jack Mallers revealed that JPMorgan Chase abruptly closed all his bank accounts in September, providing no warning and only citing “concerning activity” as the reason. Attempts by Mallers to obtain further explanation were met with a standard response:
“We aren’t allowed to tell you.”
Mallers also noted that his father, a private client at the bank for over 30 years, had his accounts closed at the same time.
The closure letter referenced the Bank Secrecy Act and indicated future accounts may not be permitted.
Political response and regulatory backdrop
The incident has reignited debate over whether banks continue to target bitcoin executives and users under the guise of compliance.
Despite a Trump administration executive order in August banning the debanking of bitcoin-related businesses, Mallers’ experience has prompted skepticism about enforcement.
Bo Hines, a former Trump digital asset adviser and current Tether strategic advisor, responded publicly to Mallers’ post, referencing the end of “Operation Choke Point” and suggesting old practices persist.
Donald Trump and Eric Trump have also claimed that their own accounts were closed by major banks due to political reasons, with Eric stating this motivated their interest in bitcoin.
Industry and legal perspectives
The term “Operation Chokepoint 2.0” is used within the bitcoin community to describe alleged continued regulatory pressure on banks to avoid servicing bitcoin companies—a practice believed to have intensified during the Biden administration.
Jason Allegrante, Chief Legal and Compliance Officer at Fireblocks, remarked:
“Trying to choke off crypto won’t make it go away, it’ll just push it to thrive elsewhere and leave the US behind.”
He warned that broad regulatory discretion over access to the U.S. financial system undermines the democratic rule of law.
JPMorgan and ongoing scrutiny
A recent filing from JPMorgan stated the bank is cooperating with government and external reviews regarding its customer service policies, some of which are under legal and regulatory investigation.
The ongoing debate underscores the challenges bitcoin executives face in maintaining banking relationships amid evolving regulations.
