Sen. Cynthia Lummis Calls Out JPMorgan Over Anti-Crypto Actions, Renews Criticism of ‘Operation Chokepoint 2.0’
U.S. Senator Cynthia Lummis is intensifying her criticism of JPMorgan after the bank abruptly closed the accounts of Jack Mallers, CEO of Bitcoin payments platform Strike. The move, which JPMorgan attributed vaguely to “concerning activity” discovered during routine reviews, has sparked outrage across the crypto community and renewed concerns about discrimination against digital asset companies in the banking sector.
Lummis, one of the most outspoken crypto advocates in Congress, argued that actions like JPMorgan’s erode public trust in traditional banking and push innovation offshore. In a post on X, she warned that maintaining an anti-crypto posture ultimately harms American competitiveness as global interest in Bitcoin and blockchain technology accelerates.
Her comments reignited discussion around what industry members call “Operation Chokepoint 2.0” — an alleged continuation of the original 2013 DOJ initiative that pressured banks to limit services to industries deemed high-risk. Although formally ended under the Trump administration, many in the crypto space believe its effects persist, enabling banks to cut ties with digital asset firms without transparency or due process.
Despite JPMorgan’s expanding involvement in blockchain — including the launch of its own JPM Coin and ongoing development of distributed ledger solutions — the bank remains cautious about cryptocurrencies as investable assets. Lummis argues that such a stance is outdated, especially as demand for regulated digital asset services grows within mainstream finance.
The Mallers case highlights ongoing tensions between crypto-focused companies and legacy financial institutions. Mallers revealed that his father had been a JPMorgan private client for over three decades, yet the bank provided no explanation for closing their accounts. The incident has fueled backlash from prominent Bitcoin supporters including Grant Cardone and Max Keiser, who accuse JPMorgan of selectively targeting crypto-aligned individuals while maintaining business relationships tied to major Bitcoin holders like Michael Saylor’s MicroStrategy.
As pressure builds, Lummis and other policymakers continue pushing for clearer regulatory frameworks and banking fairness to prevent crypto innovation from leaving the United States.
