In September 2025, JPMorgan Chase closed the personal accounts of Jack Mallers, CEO of Strike, citing “concerning activity.” The move immediately reignited political criticism, as many in the industry viewed it as a troubling example of opaque debanking practices that undermine trust in the U.S. financial system.
Political backlash and renewed fears of institutional exclusion
The closure also extended to Mallers’s father — a client of the bank for more than thirty years — raising alarms among crypto leaders who saw a lack of transparency that goes beyond routine risk control. For many, the episode reflects a growing fragility in banking access for crypto-related individuals and businesses.
Last month, J.P. Morgan Chase threw me out of the bank.
It was bizarre. My dad has been a private client there for 30+ years.
Every time I asked them why, they said the same thing:
“We aren’t allowed to tell you”. https://t.co/NnT8HJjYxC
— Jack Mallers (@jackmallers) November 23, 2025
Senator Cynthia Lummis condemned the decision, calling it further proof that “Operation Chokepoint 2.0 regrettably lives on,” warning that such actions risk pushing the digital-assets industry offshore. She framed the event not as an isolated dispute but as a strategic threat to U.S. competitiveness in the global digital economy.
Industry leaders echoed those concerns. Jason Allegrante of Fireblocks warned that “strangling crypto in the U.S. will only accelerate its growth in other jurisdictions,” highlighting the risk of displacing innovation abroad. Others, including Caitlin Long and Bo Hines, argued that regulatory uncertainty may persist at least until new Federal Reserve leadership arrives in early 2026.
The case also exposed internal contradictions within JPMorgan itself. Throughout 2025 the bank allowed clients to buy Bitcoin but declined to offer custody, while senior leadership expressed open skepticism — a mix that, for critics, reflects confusing and inconsistent strategic signals.
From the industry side, Paolo Ardoino of Tether interpreted the event as proof that Bitcoin’s resilience grows stronger each time traditional institutions attempt to isolate it. Meanwhile, JPMorgan appears to be cooperating with external reviews of its customer-service policies, suggesting that the episode has entered not only the political arena but also the realm of regulatory scrutiny.
The closure of Mallers’s accounts underscores the tension between banks’ commercial discretion and the political imperative to support a competitive digital-assets market. The incident has intensified calls for greater transparency in account closures and clearer guardrails to prevent arbitrary financial exclusion.
