President Donald Trump has filed a sweeping $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon, accusing the country’s largest bank of politically motivated debanking in the wake of the Jan. 6, 2021 unrest. The lawsuit, filed Thursday morning in Florida state court in Miami by attorney Alejandro Brito, alleges that JPMorgan abruptly and “without warning or remedy” terminated multiple accounts tied to Trump and his hospitality businesses despite the president banking with the institution for decades and conducting “hundreds of millions of dollars” in transactions. Bank’s Code of Conduct at Center of Complaint The filing leans heavily on JPMorgan’s own code of conduct, which pledges the bank operates with “the highest level of integrity and ethical conduct” and maintains zero tolerance for unethical behavior. Trump’s legal team argues that the bank violated those principles by shutting down accounts on Feb. 19, 2021, providing only two months’ notice before closure and no recourse or appeal process. Brito said the day “forever altered the dynamic of the parties’ relationship,” contending the closures came “without warning or provocation.” The lawsuit also claims that the accounts at issue were in good standing, fully compliant, and actively used, making their termination both “unlawful” and “politically motivated.” Alleged Blacklisting and Industry-Wide Implications One of the most explosive allegations is that JPMorgan placed Trump, the Trump Organization, affiliated businesses, and members of the Trump family on an internal blacklist shared among federally regulated banks. The list, the lawsuit says, is typically used for individuals with histories of malfeasance or noncompliance. The lawsuit calls the alleged inclusion of Trump’s entities “an intentional and malicious falsehood,” claiming it induced other financial institutions to refuse service as well. Trump’s Public Tease and Banking Fallout Trump previewed the lawsuit days earlier on Truth Social, saying he would sue JPMorgan for “incorrectly and inappropriately DEBANKING me after the January 6th Protest” and again insisting the 2020 election “was RIGGED.” Trump’s post (Source: Truth Social) He has previously stated that JPMorgan gave him a narrow window to move “hundreds of millions of dollars” in early 2021 and that Bank of America later refused to accept large deposits, further restricting his access to traditional banking channels. JPMorgan Denies Political Motives, Points to Regulatory Pressure JPMorgan spokesperson Trish Wexler reiterated the bank’s position that “no one’s account should ever be closed because of political or religious beliefs,” adding that the bank supports the current administration’s efforts to address political debanking concerns. CEO Jamie Dimon has also rejected claims of political targeting, telling lawmakers in 2025, “We don't debank people because of political or religious affiliations.” He said regulatory burdens, not ideology, are often responsible for account terminations and that “rules and requirements are so onerous” they can inadvertently force debanking. Other major bank leaders have echoed that sentiment. Bank of America CEO Brian Moynihan, pressed on Trump’s allegations in 2025, simply said: “You’d have to talk to him about that.” A New Layer: JPMorgan’s Evolving Crypto Posture In the years since the alleged debanking, Trump family businesses have increasingly experimented with crypto-based fundraising, NFT ventures, and blockchain-driven projects, citing concerns about reliance on traditional banking infrastructure. The lawsuit arrives at a time when JPMorgan’s stance on digital assets is undergoing a dramatic shift. For years, Dimon was among the most outspoken critics of Bitcoin, calling it a “fraud,” dismissing it as a “pet rock,” and even saying governments should “shut it down.” But by late 2025, Dimon acknowledged he was “wrong” about aspects of the technology, saying blockchain and stablecoins are real, “legitimate,” and central to the future of finance. Simultaneously, JPMorgan has begun offering clients exposure to Bitcoin, is exploring crypto trading for institutional clients, and plans to allow Bitcoin and Ether as collateral for loans — a stark contrast to its earlier hostility toward the asset class.
