Senator Lummis Criticizes JPMorgan Over Crypto Account Closure
Senator Cynthia Lummis has joined crypto industry voices in condemning JPMorgan's decision to shut down the account of Strike CEO Jack Mallers. The move is seen as part of a broader pattern dubbed 'Operation Chokepoint 2.0'—a perceived regulatory squeeze pushing digital asset firms away from traditional banking.
Mallers revealed his abrupt account termination on social media, noting his family's 30-year relationship with the bank. JPMorgan provided no substantive explanation beyond citing 'concerning activity,' leaving the industry questioning the criteria for such actions.
'These policies don't just harm innovation—they export it,' Lummis stated, framing the incident as symptomatic of a system driving crypto talent and capital to more accommodating jurisdictions. The debate underscores growing tensions between legacy finance and the digital asset sector.
