Bitcoin News Update: JPMorgan's Shutdown of Strike Opposes Trump's Directive Against Debanking
- JPMorgan's closure of Strike CEO Jack Mallers' accounts contradicts Trump's August executive order banning crypto "debanking," sparking regulatory scrutiny. - Mallers criticized the lack of transparency, noting JPMorgan cited "concerning activity" without specifics and warned against future account access. - Industry experts argue such actions risk pushing crypto innovation to unregulated markets, undermining U.S. financial leadership and democratic systems. - The incident highlights contradictions in JP
This episode has attracted significant attention, especially in light of President Donald Trump's executive order from August, which specifically barred banks from denying services to crypto-related firms.
Mallers pointed out the irony, mentioning that his father had been a private client of JPMorgan for more than three decades. "Whenever I asked for a reason, they always replied: 'We can't disclose that information,'" he shared,
Industry observers see this as part of a larger obstacle to mainstream crypto adoption. Jason Allegrante, Fireblocks’ Chief Legal and Compliance Officer,
JPMorgan’s move seems inconsistent with its recent efforts to embrace crypto, such as plans to accept
This situation highlights the urgent need for more precise regulations to clarify how banks and crypto businesses should interact. Without clear standards, banks may continue to act on perceived threats, maintaining an environment of unpredictability for crypto companies. As Mallers’ experience shows, even prominent individuals with long-standing banking ties can be subject to opaque decisions that risk hindering innovation or pushing activity to less regulated arenas.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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