Donald Trump Sues JPMorgan and Dimon for $5B over Debanking, Explains Crypto Expansion

US President Donald Trump has filed a lawsuit in Miami against JPMorgan Chase and its chief executive, Jamie Dimon, seeking at least $5 billion (£3.7 billion). The claim was submitted by Trump's personal lawyer, Alejandro Brito, who alleges that JPMorgan debanked Trump or ceased offering him banking services following the Capitol riot on 6th January 2021. Trump has also recently claimed that JPMorgan 'incorrectly and inappropriately' discriminated against him.

'While we regret that President Trump has sued us, we believe the suit has no merit. We respect the president's right to sue us and our right to defend ourselves – that's what courts are for,' JPMorgan stated in a response.

A spokesperson for JPMorgan added that the bank does not close accounts for political or religious reasons but may do so if doing so poses legal or regulatory risks for the institution. 'We regret having to do so, but often rules and regulatory expectations lead us to do so,' they explained.

The lawsuit alleges that JPMorgan blacklisted Trump, his family members, the Trump Organisation, and affiliated entities. It claims that JPMorgan 'did not provide plaintiffs with any recourse, remedy or alternative,' and asserts that Trump believes the bank's unilateral decision was driven by political motivations and 'woke' beliefs, aiming to distance itself from Trump.

Trump stated last week that multiple banks, including JPMorgan and Bank of America, rejected his deposits following the riot. In response, JPMorgan noted that it agrees that 'no one's account should ever be closed because of political or religious beliefs,' and expressed support for efforts to combat political debanking initiated by the current administration.

Dimon's Recent Comments on the Investigation Against Jerome Powell

Jamie Dimon recently spoke in defence of Federal Reserve Chair Jerome Powell, amid a criminal investigation launched by Trump's Justice Department. Dimon expressed that he has 'enormous respect for Jay Powell, the man,' and warned that 'anything that chips away at [the Fed's] independence is not a good idea.'

At the World Economic Forum in Davos, Dimon also criticised Trump's proposal to cap credit-card interest rates at 10% for the first year, suggesting that such measures could trigger an 'economic disaster'. He further commented that the US has become less reliable under Trump's leadership.

Trump's Family's $6.8 Billion Wealth Growth Tied to Crypto

Trump's financial holdings have changed significantly since he was sworn in for his second term. As of January 2025, he owned a social media firm, a cryptocurrency platform, and even a memecoin bearing his name. Over the past year, investments in cryptocurrencies and related projects increased the family's wealth by approximately $1.4 billion (£1 billion). According to the Bloomberg Billionaires Index, the Trump family's net worth now stands at around $6.8 billion (£5 billion).

Since early last year, cryptocurrencies such as Bitcoin have experienced a surge, partly driven by Trump's enactment of crypto-friendly laws and the appointment of regulators who settled multiple lawsuits against the industry. These moves, alongside Trump's pledge to make America the global crypto capital, are seen as efforts to bolster the industry—possibly as a response to earlier debanking issues faced by the family. Trump's eldest sons have publicly accused JPMorgan of severing ties with the Trump Organisation and other family businesses out of political bias.

'Having been cancelled by banks, out of political malice, led us to many incredible opportunities, as we redefine the future of finance,' Eric Trump remarked.