JPMorgan Confirms Closing Trump's Accounts Following January 6 Capitol Incident
Legal filings reveal JPMorgan terminated Trump's banking services, a decision that reportedly drove the Trump family's pivot toward cryptocurrency.
JPMorgan, which holds the title of America's largest banking institution, has confirmed that it terminated Donald Trump's banking relationships in the aftermath of the Jan. 6, 2021 Capitol attack, a decision that would eventually push the Trump family toward embracing cryptocurrency.
According to court documents reviewed by major news organizations including Fortune and CNBC last week, Dan Wilkening, who previously served as JPMorgan's chief administrative officer, confirmed that the financial institution made the decision to terminate accounts associated with Trump. This represents the first instance of JPMorgan officially acknowledging this action in any official capacity.
"In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan's CB [commercial bank] and PB [private bank] would be closed," Wilkening wrote in a case involving Trump suing the bank.
Prior to this admission, JPMorgan had consistently avoided giving a definitive response regarding the de-banking matter, either in legal proceedings or through public statements.
The lawsuit filed by Trump against JPMorgan was submitted in late January, claiming that the financial institution illegally closed his accounts based solely on political motivations, which consequently placed him and his relatives on a reputational "blacklist." The lawsuit seeks $5 billion in damages.
President Trump's legal team said in a statement that it marks a "devastating concession" that proves President Trump's entire claim."
"JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm," the team said.
Responding to the developments on Sunday, JPMorgan spokesperson Trish Wexler provided a statement to CNN indicating: "While we regret President Trump has sued us, we believe the suit has no merit."
Wexler further explained that the institution terminates accounts when they present legal or regulatory concerns for the company, while maintaining that political or religious affiliations are never factors in such decisions.
"We regret having to do so, but often rules and regulatory expectations lead us to do so," she said.
Debanking led to the establishment of WLFI
Eric Trump, the son of Donald Trump, has publicly stated on several occasions that his family's significant shift toward cryptocurrency occurred after they experienced being "debanked" in the wake of the Washington, DC riots.
During an interview with Fox News in August of last year, Eric Trump revealed that "Capital One stripped 300 bank accounts from me in the middle of the night," further explaining that his "love" for cryptocurrency emerged from being left with no alternative but to embrace the technology.
"It has become the fastest-growing industry anywhere in the world. It has removed a lot of the power from the big banks, who have weaponized their platforms against the American people, and I could not be more proud to be here," he said.
In the wake of being debanked, Eric Trump spearheaded the initiative to create the Trump family's extensive cryptocurrency venture World Liberty Financial, meanwhile the president has taken a leading role in advocating for favorable cryptocurrency regulations throughout his second term in the White House.