- Stripe CEO Jack Mallers recently revealed that US bank JP Morgan closed all his accounts with no reason to validate their action.
- The account closure highlights the continuance of the Biden-era banking assault on select industries like crypto.
In a surprise disclosure, Stripe CEO Jack Mallers lamented that US banking giant JP Morgan blocked all his accounts with them. The bank also refused to provide any reasonable explanation for their decision, making it another case of Operation Chokepoint 2.0—the deliberate attempt by banks to cut off crypto and other industries from banking access and essential payment rails.
Strike CEO Cries Out Over Blocked Account
Narrating his ordeal, Mallers stated that JP Morgan Chase threw him out of the bank in October, despite his dad being their “private client” for over 30 years. He added that the response was the same every time he reached out to know why they blocked his accounts: “We aren’t allowed to tell you.”
“During the course of ongoing monitoring, we identified concerning activity on your account or an account that you are associated with,” said JP Morgan.“Under the Bank Secrecy Act and other regulations, financial institutions have an obligation to periodically review our customer relationships.”
JP Morgan’s blockage of Maller’s account does not come as a complete surprise, going by Wall Street’s cold war history with the crypto industry and its founders. However, the timing of the bank’s action against a crypto founder sabotages the Trump administration’s efforts to reconcile industry interoperability, strengthen America’s crypto dominance, and promote responsible regulation across all industries.
JP Morgan’s Selective Account Shutdown Attacks American Innovation
The arbitrary account closure also counters the administration’s efforts to incentivize builders and innovators to launch and develop their projects on American soil. It erodes trust from Wall Street and propels people to seek alternative payment solutions to avoid disruptions in their cash flow or losses.
In response to the account shutdown, Pro-crypto Senator Cynthia Lummis expressed concern that “Operation Chokepoint 2.0 regrettably lives on.” She condemned the bank’s policies, which she said “undermine confidence in traditional banks and send the digital asset industry overseas.”
“It’s past time we put Operation Chokepoint 2.0 to rest to make America the digital asset capital of the world,” added Senator Lummis.
Not only did JP Morgan close the Strike founder’s account, but they have also blacklisted him from having an account with them in the future. This situation points to a case of double standards, given the controversies surrounding the bank with respect to the caliber of customers it has run accounts for in the past.
One of the most common accusations against the bank is running accounts for child sex offender Jeffrey Epstein. On one occasion, Maller criticized JP Morgan CEO Jamie Dimon over his anti-Bitcoin views and statements about its potential to be used for illicit finance when he was “Jeffrey Epstein’s banker.”
The resurgence of Operation Chokepoint 2.0 calls for immediate legislative and executive action to end the inordinate assault on American digital asset interests if the country must cement its global leadership in crypto and financial technology.
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