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JPMorgan Sparks Crypto Fears: Is Operation Chokepoint 2.0 Still Alive?
Last Updated: November 25, 2025
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Key Takeaways
- JPMorgan Chase closed Strike CEO Jack Mallers’ accounts without explanation, which reignited fears of "Operation Chokepoint 2.0";
- Senator Lummis warned that such actions erode trust in banks and hinder US leadership in the digital asset industry;
- Despite a 2025 executive order against debanking, experts like Caitlin Long say crypto firms still face major institutional barriers.
JPMorgan Chase unexpectedly closed the personal bank accounts of Strike CEO Jack Mallers, as revealed on November 23.
Mallers shared on X that the bank "threw me out of the bank", and every time an inquiry was made, the answer remained the same: "We aren't allowed to tell you".
This raised concerns about a trend known as Operation Chokepoint 2.0, in which crypto-related individuals and companies face service denials from traditional banking institutions.
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US Senator Cynthia Lummis responded on November 24 on X. She stated that Operation Chokepoint 2.0 regrettably lives on, and warned that such actions undermine confidence in traditional banking and push digital asset services offshore.
She added that it is time to end the policy that has kept America from solidifying its leadership in the digital asset industry.
Caitlin Long, CEO of Custodia Bank, indicated that such debanking efforts may persist through January 2026, pending a new Federal Reserve appointment. She mentioned that similar institutional challenges had cost her firm months of work and a couple of million dollars.
While an executive order by President Trump in August 2025 aimed to curb debanking practices, the recent account closures demonstrate that obstacles remain.
Meanwhile, South Korea's efforts to establish official rules for won-based stablecoins have been delayed. What happened? Read the full story.
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