Strike CEO Debanked by JPMorgan, Lummis Sounds ‘Chokepoint 2.0’ Alarm

Why It Matters

The debanking of a high‑profile crypto CEO signals renewed regulatory pressure on the industry, potentially restricting access to mainstream financial services and prompting legislative pushback that could shape the future U.S. stance on digital assets.

Summary

JPMorgan Chase closed the personal accounts of Jack Mallers, CEO of Bitcoin Lightning‑network payments firm Strike, without providing a reason, reigniting fears of a renewed "Operation Chokepoint 2.0"—alleged government pressure on banks to cut ties with crypto firms. U.S. Senator Cynthia Lummis condemned the move, calling for an end to the debanking campaign and urging America to become a digital‑asset hub, while other crypto leaders, such as Custodia Bank founder Caitlin Long, warned the trend could continue until at least January 2026 pending a new Federal Reserve governor. The episode follows a wave of 2023 bank failures that saw dozens of crypto founders lose banking access, and recalls an August 2025 executive order signed by former President Donald Trump aimed at preventing banks from discriminating against politically sensitive industries. The article also notes ongoing allegations that the FDIC destroyed records related to the debanking effort, highlighting the broader regulatory and compliance tensions between traditional finance and the crypto sector.