Trump sues JPMorgan for $5 billion: From "debanking" to controlling the crypto industry

Trump files a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon, accusing the bank of refusing to provide financial services to him and his affiliated businesses for political reasons. Behind this lawsuit lies a deeper industry shift: the Trump family, once a passive target of being “blacklisted” by major banks, is gradually transforming into an active participant and promoter of the crypto industry. Trump’s son, Donald Jr., openly stated, “We entered cryptocurrency because of de-banking,” and the Trump-supported World Liberty Financial has applied for a banking license this month to push forward with stablecoin operations.

The shift from passive to active in de-banking

Political confrontation behind the lawsuit

Trump’s lawsuit is not an isolated incident. According to recent reports, Trump had already previewed this legal action over the weekend via the Truth Social platform. As one of the world’s largest banks, JPMorgan Chase’s decision to refuse financial services to Trump carries symbolic significance within the US financial system. This not only affects Trump himself but also impacts the financial needs of his various affiliated companies.

Trump characterized this as “discrimination based on political reasons,” reflecting the current US political landscape where business decisions and political stances are increasingly intertwined. The risk management decisions of large banks, often made for compliance reasons, are frequently interpreted as political choices during politically sensitive periods.

“De-banking” as a reason to enter crypto

It is noteworthy that the Trump family explicitly attributes their entry into the crypto industry to “de-banking.” This statement is both a factual assertion and a strategic narrative—it reframes the participation in crypto from “exploring emerging assets proactively” to “being forced to seek alternatives.”

However, based on the timeline of related information, the Trump family’s investments in crypto go far beyond mere “passive response.” According to Bloomberg data, crypto assets account for over 20% of the Trump family’s $6.8 billion wealth. This indicates that crypto assets have become a strategic component of their wealth portfolio, rather than just an alternative out of necessity.

From “passive” to “leader” in industry layout

The ambitions of World Liberty Financial

The project supported by the Trump family, World Liberty Financial, best exemplifies this shift. The project has applied for a banking license this month, which is not just a simple crypto operation but a direct challenge to traditional finance—by obtaining a banking license, World Liberty Financial can offer financial products like stablecoins, bypassing or reshaping the role of traditional banks.

According to related reports, World Liberty Financial plans to hold the first World Liberty Forum at Mar-a-Lago on February 18. The event’s scale and lineup of participants (including Goldman Sachs CEO, Franklin D. Dempster, etc.) indicate that this is no longer a fringe project but a mainstream industry trend gaining attention from the financial sector.

Policy environment shifts

Trump’s policy environment is also creating favorable conditions for the crypto industry. According to related reports, US Treasury Secretary Scott Bessent reiterated at the Davos Forum that the US is committed to making America a global leader in crypto innovation and will promote a strategic Bitcoin reserve plan—incorporating confiscated Bitcoin into digital asset reserves.

This suggests that support for the crypto industry under the Trump administration extends beyond family projects to a national strategic level. Such policy backing provides an institutional backdrop for the Trump family’s crypto布局.

The true meaning of the lawsuit

Deepening political confrontation

Trump’s lawsuit against JPMorgan Chase essentially reflects the current political polarization in the US. On one hand, Trump claims to have faced “political discrimination”; on the other hand, JPMorgan Chase might argue that its decision was based on compliance and risk management. The outcome of this lawsuit will, to some extent, determine whether “political considerations can be a legitimate reason for business decisions.”

The politicization of the crypto industry

A deeper impact is that this lawsuit ties the development of the crypto industry to political confrontation. Trump’s involvement in crypto is no longer just a business decision but a reflection of political stance. This could accelerate the political polarization of the crypto industry in the US and influence regulatory policy-making.

Summary

Trump’s $5 billion lawsuit reflects three core phenomena: first, political polarization within the US financial system has penetrated into business decision-making; second, the Trump family has evolved from being “de-banked” passive targets to strategic participants in the crypto industry—this shift involves both coercive factors and proactive布局; third, the crypto industry is becoming a new battleground of political confrontation, beyond just technological innovation.

Future developments to watch include the progress of this lawsuit, the outcome of World Liberty Financial’s banking license application, and the specific policy directions of the Trump administration regarding crypto regulation. These will influence the trajectory of the US crypto industry and the global crypto market’s expectations of US policies.