JPMorgan Confirms Trump Account Closures – How It Led the Trump Family to Crypto

TLDR

• JPMorgan admitted in court filings to closing Donald Trump’s bank accounts in February 2021 after the Jan. 6 Capitol attack
• This is the first time JPMorgan has confirmed the account closures on the record
• Trump is suing JPMorgan for $5 billion, claiming the closures were politically motivated
• Eric Trump says being “debanked” directly led the family to embrace crypto
• The Trump family’s crypto platform, World Liberty Financial (WLFI), was born out of that experience

JPMorgan Chase has admitted for the first time in court documents that it closed bank accounts belonging to Donald Trump and his businesses in February 2021. The move came weeks after the January 6 Capitol attack.

Dan Wilkening, JPMorgan’s former chief administrative officer, confirmed in a court filing that the bank notified Trump that accounts held with both its commercial and private banking units would be closed. This is the first on-record admission by the bank.

The letters sent to Trump, dated February 19, 2021, did not give a specific reason for ending the relationship. JPMorgan said it may decide a client’s interests are “no longer served” by continuing the relationship.

Trump filed a lawsuit against JPMorgan in late January, accusing the bank of closing his accounts for political reasons. He claims the bank placed him and his family on a reputational “blacklist.”

Trump is seeking $5 billion in damages from JPMorgan and its CEO Jamie Dimon. His legal team called the court admission a “devastating concession.”

From Debanking to Crypto

The account closures had a direct effect on the Trump family’s relationship with cryptocurrency. Eric Trump has spoken publicly about being cut off by banks after January 6.

Eric Trump went on to lead the creation of World Liberty Financial, the Trump family’s crypto platform. The platform has since launched a stablecoin with a reported value of $3.4 billion.

President Trump has also pushed for crypto-friendly regulation during his second term in office. The family has framed crypto as a way to move away from what they call the “weaponization” of traditional banking.

JPMorgan filed a motion to move Trump’s lawsuit from a Miami federal court to New York, arguing the dispute has stronger ties to New York.

The Lawsuit Moves Forward

The newly disclosed letters are now part of the active court case. Trump’s legal team says they support the claim that the accounts were improperly closed.

JPMorgan has not commented on the specific letters. Representatives for the bank and its legal team did not respond to requests for comment at the time of filing.

The case remains ongoing.

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