Lummis Slams JP Morgan, Warns of ‘Chokepoint 2.0’ Threat

• Senator Lummis says JP Morgan’s actions hurt trust in banks.
• She warns that Chokepoint 2.0 is pushing crypto overseas.
• Strike CEO’s experience is cited as a recent example.

U.S. Senator Cynthia Lummis has raised serious concerns over recent actions by major banks, singling out JP Morgan for policies she claims are harmful to the crypto sector. In a strong statement, she said these tactics “undermine confidence in traditional banks” and are driving digital asset firms to move abroad.

The comments follow reports that Strike CEO Jack Mallers was denied access to traditional financial services, which Lummis pointed to as evidence that “Chokepoint 2.0” is not just a theory—it’s happening now.

What Is Chokepoint 2.0?

The term “Chokepoint 2.0” refers to alleged efforts by U.S. regulators or financial institutions to limit access to banking services for crypto-related businesses, similar to Operation Chokepoint in the 2010s, which targeted certain industries by cutting off financial access.

Lummis, a vocal crypto advocate, argues that this behavior is repeating itself, now targeting digital asset innovators. She warns that such moves will only harm the U.S. economy in the long run by pushing innovation and talent offshore.

Crypto Industry Calls for Fair Access

The crypto industry has long demanded fair treatment by the banking system. Lummis’s comments echo growing concerns that U.S. crypto firms face an uphill battle when it comes to accessing basic financial services.

With regulatory clarity still lacking in the U.S., many startups and exchanges have already started moving operations to more crypto-friendly countries. This trend, Lummis warns, will accelerate unless policymakers ensure equal access to banking for digital asset firms.