Strike CEO account banned: Did JPMorgan strike a blow against the encryption industry?

Question

[Coin World] Strike&#39;s CEO Jack Mallers recently exploded—his JPMorgan account was completely frozen, with no reason given.This matter seems strange no matter how you look at it. What’s even more intriguing is that this bank has just launched its own crypto product, JPMCoin, not long ago. Do you think this is a coincidence? Anyway, many people in the circle don&#39;t believe it. Some have even directly cursed, saying this is a typical "Strangulation Action 2.0"—specifically targeting crypto companies.Senator Cynthia Lummis couldn&#39;t stand it any longer and publicly criticized this practice. Her words were harsh, directly pointing out that this is using financial means to suppress the innovative industry.JPMorgan, on the other hand, seems to be using a light touch to achieve a heavy impact: they mentioned conducting routine monitoring based on the Bank Secrecy Act, and then there was no further comment. No interviews, no explanations. This attitude, how should I put it, is quite intriguing.The rift between traditional banks and the crypto world seems to be getting deeper.

GasFeeBarbecue · Accepted Answer

Here we go again? JPMCoin just launched and is causing trouble. They say it&#39;s for Compliance, but in reality, aren&#39;t they just afraid we&#39;ll take their jobs?

It&#39;s true that when JPMorgan gets involved, nothing good happens. They freeze accounts without giving any explanation, which is ridiculous.

Even the senators can&#39;t sit still, which shows that the situation is indeed not that simple. TradFi is just hanging on by a thread.

Jack Mallers is in a tough spot this time, but we know this is just the beginning, not the end.

Banks, policies, encryption, there&#39;s always a struggle in this triangle; we&#39;re used to it.

These people are just afraid of us getting bigger, freezing accounts and issuing warnings all over the place, showing their insecurity.

To put it bluntly, they don&#39;t want their monopoly power to be broken. They cut the internet connection, freeze accounts, and have all sorts of tricks up their sleeves.

Just wait, there will be more of this kind of thing. Everyone in the circle should prepare their Plan B.

JPMorgan now feels like a cat with its tail stepped on, increasingly defensive.

WalletDoomsDay · Answer

Isn&#39;t this just trying to trap us so that JPMCoin can dominate the market? Truly amazing.

Blockchainiac · Answer

This is ridiculous. As soon as JPMorgan Chase launched JPMCoin, they&#39;re playing this trap? A typical monopolistic stance.

ZKProofster · Answer

nah, jpmc pulling this right after launching jpmcoin is... let's say "suspicious" at best. technically speaking, they're just following bsa protocol, but the timing? proof enough for most people apparently.

GasFeeNightmare · Answer

Another trap? JPMorgan is really something, creating JPMCoin and yet wanting to block others&#39; accounts, I truly can&#39;t understand this logic.

screenshot_gains · Answer

This is ridiculous, they freeze accounts without any explanation? JPMCoin just launched and they start putting the squeeze on us, this tactic from JPMorgan is really outrageous.