JPMorgan CEO Jamie Dimon denied that he would cancel banking services for clients based on religious or political positions, stating that he has actually been working for over a decade to push for changes to the rules related to the cancellation of banking services.
In an interview on Fox News' "Sunday Morning Futures" program on Sunday, Dimon stated that his bank does cut off services to people across various industries, but political positions have never been a factor.
Devin Nunes, chairman of the President's Intelligence Advisory Board and CEO of Trump Media, claimed that the company had its banking services canceled by JPMorgan and stated that it is one of over 400 individuals and organizations associated with Trump whose bank records were subpoenaed by Special Counsel Jack Smith in an investigation.
Jack Mallers, CEO of the Bitcoin Lightning Network payment company Strike, also accused JPMorgan last month of closing his personal account without explanation, raising concerns about another "Operation Choke Point 2.0."
Houston Morgan, head of marketing at the non-custodial cryptocurrency trading platform ShapeShift, shared a similar experience in November.
"People need to mature here and stop making up those things," Dimon said. "I can't talk about individual accounts. We do not cancel banking services because of religious or political positions," Dimon stated.
Cryptocurrency companies have faced account closures and refusals of banking services for years, with many in the industry claiming these actions are part of a policy-driven effort to suppress the digital asset space.
However, Dimon stated that he does not like canceling accounts and wants to change the reporting requirements that may lead to account cancellations.
"This is really unfriendly to customers, and we are canceling people's banking services because of some suspected things, negative media, or various factors," Dimon added.
In August, President Trump signed an executive order directing banking regulators to investigate allegations of banking service cancellations raised by the cryptocurrency industry and conservatives.
Dimon noted that one rule banks must comply with is sharing information with the government when subpoenaed, but he also stated that JPMorgan has provided suggestions to reduce reporting and account cancellation situations.
"We do not provide information just because the government asks for it. We are subpoenaed. We are legally required by the court to provide information to the government. And I have complied with subpoenas during this government, the previous government, the one before that, and the one before that. I do not agree with many of those practices," Dimon said.
"The government has done a lot of things that annoy banks. So, let's take a deep breath, solve the problems, and not blame those who are in the middle of it," he added.
At the same time, Dimon stated that both sides of the political spectrum are equally pressuring banks.
Related: Robinhood plans to enter Indonesia, targeting 17 million cryptocurrency traders
Original: “JPMorgan CEO: ‘Mature a bit… We will cancel banking services for Democrats and Republicans’”
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