US President Donald Trump has filed a lawsuit in Florida state court against JPMorgan, claiming that the banking giant terminated accounts connected to the president and his businesses “without warning or provocation.”
According to a Thursday Bloomberg report, Trump filed a complaint in the Miami-Dade County state court, seeking $5 billion in damages from JPMorgan and its CEO, Jamie Dimon. The complaint was not available on the court’s public docket at the time of publication.
The lawsuit accused JPMorgan of trade libel and breach of implied covenant of good faith, and Dimon of violating Florida’s deceptive trade practices law. A spokesperson for the bank said the lawsuit had no merit and JPMorgan “does not close accounts for political or religious reasons.”
One of Trump’s main arguments for the debanking lawsuit, according to a Jan. 17 social media post, was around claims that the Jan. 6, 2021, attack on the US Capitol by his supporters was the “correct” action, given that the 2020 election was “rigged.” Trump lost the election by 74 electoral votes to former President Joe Biden.
Dimon has previously denied allegations of debanking for political or religious reasons from others in the crypto industry. In December, the CEO said “we debank people who are Democrats. We debank people who are Republicans. We have debanked different religious folks. Never was that for that reason.”
Related: Crypto debanking is not over until Jan 2026: Caitlin Long
In August, Trump signed an executive order going after “politicized or unlawful debanking” by ordering US regulators to look into claims and develop measures to prevent debanking in the future. Some Republican lawmakers in Congress have also called for the market structure bill under consideration in the Senate to address the issue.
Republicans bring up debanking claims in policies, proposed laws
Even before Biden left office in January 2025, Republican lawmakers and government officials had been pushing for investigations or policies addressing claims of debanking related to the crypto industry.
The claims were dubbed “Operation Chokepoint 2.0” by many in the crypto industry, citing an orchestrated effort by the US government to remove access to traditional banking for those involved in digital assets. The movement gained momentum online in 2024 after more than 30 tech and crypto executives went public with their debanking claims.
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