The largest bank in the U.S., JPMorgan, has acknowledged terminating its banking relationship with Donald Trump following the Capitol Riot on January 6, 2021. This decision encouraged the Trump family to delve into cryptocurrency.

Dan Wilkening, the former Chief Administrative Officer at JPMorgan, has confirmed that the bank closed Trump-related accounts — a statement that was made public for the first time through recent court documents reviewed by media outlets including Fortune and CNBC.

“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed,” said Wilkening, referring to Trump’s ongoing lawsuit against the bank.

“February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed.”

Prior to this, JPMorgan had not provided a clear explanation regarding the closure of these accounts, whether publicly or in court.

Trump’s lawsuit was initiated in late January, accusing the bank of unlawfully terminating his accounts for political reasons, which he claims resulted in reputational harm to him and his family. He is seeking $5 billion in damages.

The legal team representing Trump stated that this disclosure signifies a severe acknowledgment supporting Trump’s claims.

“JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm.”

In a statement to CNN, JPMorgan’s Trish Wexler explained that while the bank regrets Trump’s lawsuit, they maintain that it lacks merit.

“While we regret President Trump has sued us, we believe the suit has no merit.”

Wexler emphasized that the closure of accounts is based on legal or regulatory risks, not on political affiliations.

“We regret having to do so, but often rules and regulatory expectations lead us to do so.”

Impact of Debanking on the Trump Family’s Crypto Initiatives

Eric Trump mentioned on several occasions that the family began to embrace cryptocurrency as a direct consequence of being de-banked during the riots in Washington.

“Capital One stripped 300 bank accounts from me in the middle of the night,” Eric Trump revealed to Fox News, noting that his affinity for crypto arose from the necessity to adapt to these changes.

Eric elaborated, “It has become the fastest-growing industry anywhere in the world. It has removed a lot of the power from the big banks, who have weaponized their platforms against the American people, and I could not be more proud to be here.”

Post-debanking, Eric Trump spearheaded efforts to create the Trump family’s extensive crypto platform, World Liberty Financial, while his father has actively advocated for favorable cryptocurrency regulations during his second term in office.