JPMorgan Account Closure Justification

On Sunday, Mallers posted on X:

“Last month JP Morgan Chase kicked me out of the bank. It was weird. My dad has been a private client there for over 30 years.”

When he asked why his accounts were closed, the bank reportedly replied, “We are not allowed to tell you.” Mallers also shared a photo of a letter that appeared to come from JPMorgan and said, “I’m very proud I framed it.”

The letter stated:

“We have identified concerning activity. We are committed to complying with regulations and ensuring the safety and integrity of the financial system. Due to this commitment, we may not be able to open new accounts for you in the future.”

These statements highlight that crypto CEOs still face risks in accessing traditional banking services. On social media, users debated whether the alleged “Operation Chokepoint 2.0” remains active under the Biden administration.

Political and Industry Reactions

Operation Chokepoint 2.0 is described as a coordinated effort during the Biden administration in which federal banking regulators allegedly pressured banks to deny services to companies and executives in the crypto ecosystem.

In August, former President Trump issued an executive order aimed at preventing the closure of accounts for crypto-related businesses. In July, Trump’s Digital Asset Markets Working Group stated:

“The Trump Administration worked to end regulatory efforts that denied banking services to the digital asset sector, fully and once for all ending Operation Chokepoint 2.0.”

Tether CEO Paolo Ardoino responded to Mallers on X:

“Bitcoin will withstand the test of time. Organizations trying to undermine it will fail and disappear. They cannot prevent people from choosing freedom.”

Bo Hines, who previously led former President Donald Trump’s Council of Advisers on Digital Assets and now serves as a Strategic Advisor at Tether, reacted to the incident on X:

“Hey Chase… Operation Choke Point is over, right? Just checking.”

Hines’ comment reflects the view among some crypto advocates that political pressure, rather than genuine compliance issues, continues to influence banking relationships.

Implications and Risks for the Crypto Sector

Mallers’ account closure has brought financial access and regulatory risks in the crypto sector back into focus. Experts warn that such moves will not eliminate the industry; instead, they may push companies outside the U.S. Furthermore, these actions pose risks to blockchain innovation and democratic financial access.

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Bitcoin Banks and El Salvador’s Financial Transformation 

The Bitcoin Office of El Salvador stated that this new financial model will place Bitcoin at the center of the national economy. Meanwhile, with the launch of Bitcoin Banks, El Salvador’s financial sector will undergo a profound change. The country was the first to adopt Bitcoin as a legal payment method. This move aims to increase transparency and innovation in the financial system. President Nayib Bukele’s advisor Max Keiser emphasized that the BTC strategy is “unstoppable.” 

Keiser highlighted Bitcoin’s revolutionary impact on the global financial system. On the other hand, Bitcoin consumes the world’s $400 trillion hidden value, weakening the influence of central banks. Max Keiser and his wife Stacy Herbert have been key figures behind El Salvador’s pro-Bitcoin policies. Therefore, the opening of Bitcoin Banks will mark a new era in the country’s Bitcoin revolution. 

pic.twitter.com/DEGUKMmhfd

— The Bitcoin Office (@bitcoinofficesv) August 8, 2025

A New Chapter in El Salvador’s Bitcoin Strategy 

Bitcoin Banks will fully integrate Bitcoin into El Salvador’s financial infrastructure. Moreover, this initiative aims to position the country as a global hub for Bitcoin innovation. However, the exact operations and service details of Bitcoin Banks will become clear in the coming days. Additionally, this effort is expected to set a global example in financial systems. 

These developments will increase Bitcoin adoption in El Salvador while attracting investor attention. Bitcoin Banks will bring new dynamism to the country’s economic structure. In conclusion, El Salvador is taking another significant step forward in its Bitcoin revolution. 

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In a strategic move that could reshape the stablecoin landscape, Ripple has officially applied for a banking license in the United States—bringing crypto one step closer to the heart of the financial system.

Following Circle’s Lead in the Banking Race

Ripple CEO Brad Garlinghouse confirmed via X that the company has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national banking charter. If approved, Ripple USD (RLUSD) will be under federal and state regulatory oversight, complementing the supervision already in place by the New York Department of Financial Services.

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This move closely follows Circle’s similar application to create a national trust bank for overseeing USDC reserves. The GENIUS Act, recently passed by the U.S. Senate, appears to be accelerating such actions by laying out a clear framework for stablecoin issuers under OCC supervision.

Ripple Aims for Fed-Level Access

Going a step further, Ripple has also applied for a Master Account with the Federal Reserve. This access would enable the firm to hold RLUSD reserves directly with the central bank—enhancing transparency and trust in its stablecoin infrastructure.

The application was submitted via Standard Custody, a crypto custody firm acquired by Ripple in February 2024.

Following these announcements, XRP surged over 3%, reaching $2.27 according to CoinGecko—signaling investor confidence in Ripple‘s regulatory strategy.

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The company has officially applied to form a national trust bank, aiming to oversee its USDC reserves and offer custodial services under federal regulation. If approved by the Office of the Comptroller of the Currency (OCC), Circle would be granted the authority to operate nationwide as a federally regulated trust institution.

What a National Trust Bank Status Means

According to Circle, the establishment of the First National Digital Currency Bank would:

• Strengthen the issuance and circulation infrastructure of USDC,
• Provide custody services for institutional clients,
• Eliminate the need for separate state-based money transmitter licenses.

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This move also aligns with pending legislation like the GENIUS Act, which passed the U.S. Senate and is under review in the House. The act introduces a regulatory framework specifically for U.S. dollar-pegged stablecoins.

Other Crypto Players Are Watching

Circle isn’t alone in pursuing a national bank charter. According to reports, several other firms—including the digital assets division of Fidelity—are also exploring similar regulatory paths. Notably, Anchorage Digital Bank was the first to obtain such a charter in 2021.

Meanwhile, Circle Internet Group’s shares have remained relatively stable, with a slight gain of 0.48% to $181, followed by a 1.30% decline to $178 in after-hours trading.

These developments indicate growing institutional momentum in the crypto space and reflect a broader trend toward compliance and trust in digital finance.

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JPMorgan Deploys JPMD on Base Network

In a strategic development, JPMorgan has launched a pilot for its new deposit token, JPMD, on Coinbase’s Layer 2 blockchain, Base. The token represents U.S. dollar deposits held in bank accounts, making it a digital representation of real-world funds within the traditional banking infrastructure.

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According to Naveen Mallela from JPMorgan’s blockchain division, a fixed amount of JPMD will be transferred to Coinbase in the coming days, with the transaction settled in USD. After regulatory clearance, other fiat currencies may be supported. Once the pilot concludes, Coinbase’s institutional clients will be able to use JPMD for transactions.

Why Deposit Tokens Could Outshine Stablecoins

Unlike stablecoins, which are backed by reserves but operate outside the banking system, deposit tokens are fully integrated with traditional finance. Mallela argues that deposit tokens like JPMD are more scalable and may even offer interest payments in the future—something most stablecoins lack.

This positions JPMD as a potentially superior instrument for institutional investors. Meanwhile, industry experts warn that the rise of yield-generating stablecoins could disrupt traditional banks—a trend that’s already making major financial players uneasy.

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Crypto AUM Up 136%, Derivatives Revenue Surges 40%

The Zurich-based Amina Bank grew its assets under management to $4.2 billion, adding $801 million in net new assets during the year. Derivatives revenue soared by 40%, as demand for crypto risk-hedging tools rose.

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CEO Franz Bergmueller emphasized that the bank achieved quarterly profitability in Q4 2024, marking a key milestone. The bank’s lending portfolio has recorded zero defaults over five years, underscoring its operational resilience.

International Growth Accelerates Across Key Markets

Amina Bank reported international revenue growth of 150% in Abu Dhabi and 570% in Hong Kong. The bank plans to onboard 30 B2B2C partners by the end of 2025. A proprietary digital platform catering to B2C, B2B, and B2B2C clients will launch later this year.

CFO Mike Foy noted a rise in the bank’s liquidity coverage ratio to 228%, and a CET1 capital ratio of 34% — more than twice the regulatory requirement.

Amina Bank, founded in 2019, holds licenses from FINMA (Switzerland), FSRA (Abu Dhabi), and SFC (Hong Kong). The bank rebranded from SEBA Bank in December 2023 to reflect its evolution toward merging traditional finance with digital assets.

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This new directive from Trump is expected to explicitly roll back the measures introduced as part of “Operation Chokepoint 2.0.” This alleged initiative by the Biden administration aimed to block banking services for crypto companies and executives.

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Bo Hines, Executive Director of the White House’s Presidential Working Group on Digital Assets, confirmed to Decrypt that an administrative process is underway, although he declined to provide further details. Hines stated, “I think the industry can expect something in short order.”

Hines also emphasized that the Trump administration is determined to end all practices associated with Operation Chokepoint 2.0. The term was coined by Nic Carter, a partner at Castle Island Ventures, referencing the original “Operation Choke Point” initiated during the Barack Obama era, which targeted payday lenders and firearms dealers.

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