Trump Files $5 Billion Lawsuit Against JPMorgan: How Does This Affect the Crypto Industry?

The lawsuit demands $5 billion in compensation for alleged "debanking" - the closure of Trump's accounts and related businesses without warning or justified reasons. This event occurred amid broader accusations of banking discrimination, which are often associated with the crypto industry.

Details of the Lawsuit

According to the case materials filed on January 22, 2026, JPMorgan allegedly closed Trump's accounts shortly after the events of January 6, 2021, at the Capitol. Trump claims this was motivated by political reasons, not risks or violations. The lawsuit accuses the bank of trade libel, breach of good faith and fair dealing obligations, and Dimon – of violating Florida's unfair trade practices law.

A JPMorgan representative responded that the lawsuit "has no basis," and the bank "does not close accounts due to political or religious reasons." Dimon himself previously commented on similar cases:

"We debank Democrats, Republicans, people of different religions, but never for those reasons."

Trump announced the lawsuit on social media a few days before filing, calling the bank's actions part of a "political attack." This is not the first confrontation: in August 2025, Trump signed an executive order to investigate "politicized debanking" and prevent such practices in the future.

Connection to Cryptocurrency

This lawsuit resonates with the crypto community, where debanking has become a serious issue. In the crypto industry, this is known as "Operation Chokepoint 2.0", an alleged coordinated campaign by regulators and banks against crypto companies. Over 30 top managers from tech and crypto spheres have reported restrictions on banking services, complicating operations with fiat money.

Trump, who positions himself as a pro-crypto politician, promised to fight such practices. Republican lawmakers are calling for the passage of a market structure bill in the Senate to address the debanking issue. Caitlin Long, CEO of Custodia Bank, noted that debanking in crypto will not cease until January 2026.

On X, the news spread quickly. For example, Reuters Legal reported:

"President Trump filed a $5 billion lawsuit against JPMorgan and Jamie Dimon for debanking motivated by political reasons."

Market Impact

This case could set a precedent for the crypto industry, where banks like JPMorgan are often criticized for their conservative approach to digital assets. JPMorgan, despite its own JPM Coin token, has historically been skeptical of Bitcoin and other cryptos. If Trump wins, it could ease pressure on crypto companies and stimulate the integration of crypto into the traditional banking system.

In conclusion, Trump's lawsuit is not just a political scandal, but also a catalyst for the crypto industry, which is fighting for equal access to banking services. Stay tuned for updates, as the case could have far-reaching consequences for decentralized finance.