The largest bank in the United States, JPMorgan Chase, has acknowledged that it closed accounts belonging to Donald Trump following the Jan. 6, 2021 Capitol attack — a move that the Trump family says eventually pushed them deeper into the cryptocurrency space.
According to court filings reviewed last week by outlets including Fortune and CNBC, Dan Wilkening, JPMorgan’s former chief administrative officer, confirmed that the bank decided to shut down accounts tied to Trump. It marks the first time the bank has formally admitted doing so on the record.
“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed,” Wilkening wrote in filings related to Trump’s lawsuit against the bank.
Until now, JPMorgan had not provided a definitive public or courtroom explanation regarding the account closures.
Trump filed suit against JPMorgan in late January, alleging the bank unlawfully terminated his accounts for political reasons and effectively placed him and his family on a reputational “blacklist.” He is seeking $5 billion in damages.
In a statement, Trump’s legal team described the admission as a “devastating concession” that supports the president’s claims.
“JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm,” the statement said.
Responding to the lawsuit, JPMorgan spokeswoman Trish Wexler told CNN that while the bank regrets being sued, it believes the case has no merit. She said the bank closes accounts that present legal or regulatory risks but does not make such decisions based on political or religious considerations.
“We regret having to do so, but often rules and regulatory expectations lead us to do so,” Wexler said.
De-banking and the launch of WLFI
Trump’s son, Eric Trump, has repeatedly said the family turned to cryptocurrency after being “debanked” in the aftermath of the Washington, DC riots.
Speaking to Fox News last August, Eric Trump claimed that Capital One had closed 300 of his bank accounts overnight, adding that his interest in crypto grew out of necessity.
“It has become the fastest-growing industry anywhere in the world. It has removed a lot of the power from the big banks, who have weaponized their platforms against the American people, and I could not be more proud to be here,” he said.
Following the banking fallout, Eric Trump led efforts to launch the Trump family’s crypto venture, World Liberty Financial, while President Trump has simultaneously championed a more favorable regulatory environment for digital assets during his second term in the White House.
