Trump Declares War on JPMorgan; ‘Debanking’ Lawsuit Imminent

President Donald Trump has escalated his regulatory offensive against Wall Street, announcing plans to sue JPMorgan Chase (JPM) within two weeks for allegedly “debanking” him following the January 6 protests. The declaration, made Saturday via Truth Social, opens a new front in the administration’s battle against what it terms “political discrimination” in finance, a narrative that parallels the crypto industry’s struggle with Operation Chokepoint 2.0.

The Ultimatum

Trump stated he was given just 20 days to transfer “hundreds of millions of dollars” after the bank severed ties in 2021. In a direct rebuttal to a Wall Street Journal report claiming he offered CEO Jamie Dimon the Federal Reserve chairmanship, Trump dismissed the story as “totally untrue” before pivoting to the legal threat.

“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest,” Trump wrote.

JPMorgan shares closed Friday at $312.47 (+1.04%), showing no pre-emptive volatility before the weekend announcement. Bitcoin (BTC), often a barometer for anti-establishment sentiment, remained flat at $95,269, suggesting the market views this as a targeted political strike rather than a systemic banking shock.

Institutional Context: The ‘Debanking’ Trend

This is not an isolated skirmish. The Trump Organization filed a similar lawsuit against Capital One in March 2025, alleging the closure of approximately 300 accounts was politically motivated. For crypto natives, the rhetoric strikes a nerve; the administration’s language mirrors the industry’s complaints regarding sudden account closures by major custodians under regulatory pressure.

JPMorgan has consistently denied political bias. Spokesperson Trish Wexler previously stated the bank agrees that “no one’s account should ever be closed because of political or religious beliefs,” framing the institution’s risk management as strictly non-partisan.

Regulatory Warfare

The timing signals a shift from rhetoric to litigation. By threatening the largest U.S. bank by assets while simultaneously denying rumors of a Dimon appointment, Trump is drawing a hard line. The administration appears ready to weaponize the judicial system to challenge internal banking risk policies, a move that could force disclosures regarding how financial institutions categorize “reputational risk” for politically exposed persons (PEPs) and crypto founders alike.