Why Trump Is Going After Jamie Dimon Right Now. Two Fronts - Debanking + Crypto. The DOJ Subpoena Made It Real.
Published: June 13, 2026
Why is Trump going after Jamie Dimon right now, five years after the fact, and why this particular week? Here is how I am reading it.
Back in Feb 2021, just weeks after the Jan 6 Capitol riot, JPMorgan shut down Trump's accounts, and he turned around and sued the bank and Dimon for $5 billion back in January, and for months the whole thing more or less sat there with lawyers filing papers and nothing much moving.
The banks deny there was any politics in it and say it was the rules and the regulators that forced their hand, the same regulators they claim they had been after Washington for years to change, and bank insiders even told the NY Post that it was Biden-era regulators who leaned on them to cut loose people like Trump.. so it is messy, and both sides have their version.
But this week is when it got teeth, because the DOJ, through Jeanine Pirro's office, subpoenaed JPMorgan, Bank of America and Wells Fargo over this whole debanking business, and that is the bit that actually squeezes, since a private lawsuit limping along is one thing and the federal machinery moving in behind it is a whole different beast.
And running right alongside all this is crypto, and to me this is the immediate one. Trump has gone all in on crypto, he signed the GENIUS Act, the big stablecoin law, last summer and stood there saying he wanted to make the US "the crypto capital of the world", and his own family has crypto ventures of their own going.
And Jamie Dimon has been the loudest bank voice on the other side, fighting the next crypto bill (CLARITY Act) and even telling the Coinbase CEO to his face that he is full of it.
And it is not just words anymore, because on June 5, just days before the subpoenas landed, the big banks went and announced they are building their own blockchain money, a shared tokenized deposit network, so that customer deposits stay locked inside the regulated banking system and do not bleed out into the stablecoins Trump has been backing.
Did the crypto fight cause the DOJ to move? Well, you won't get a document signed by Trump saying that... that's not how it works right? but the incidents line up far too close for me to just wave away, so read the motive for yourself.

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Why Trump is squeezing Dimon now
JPMorgan shut Trump's accounts weeks after the Jan 6, 2021 Capitol riot. Five years on, he is pressing Jamie Dimon on two fronts - and this week the squeeze got real.
The two-front timeline
| When | Front 1 - The legal war | Front 2 - The crypto fight |
|---|---|---|
| Feb 2021 | JPMorgan shuts Trump's accounts after Capitol riot | |
| Jul 2025 | JPMorgan eyes stablecoins | |
| Aug 2025 | Fair Banking order | |
| Jan 2026 | Trump sues Dimon, $5B | Dimon blasts Coinbase CEO |
| Mar 2026 | Trump's team rebuts Dimon | |
| 5 Jun 2026 | Banks build stablecoin rival (shared tokenized deposit network) | |
| 10 Jun 2026 | DOJ subpoenas the big banks (JPM, BofA, Wells Fargo) |
Two fronts, one squeeze. DOJ subpoenas issued, reported 10 Jun 2026.
The lawsuit sat idle for months. This week's DOJ subpoena is the real squeeze. That's state power.
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