Senator Lummis Condemns JP Morgan’s Actions, Warns of ‘Chokepoint 2.0’ Threat to Crypto Innovation

U.S. Senator Cynthia Lummis has criticized major banks, specifically JP Morgan, for actions that threaten trust in the industry and push crypto companies overseas. She highlights a recent example involving Strike CEO Jack Mallers, who was reportedly denied access to traditional financial services, highlighting the ongoing issue of ‘Chokepoint 2.0’. Lummis argues that these regulatory maneuvers are harming innovation in the U.S., forcing businesses to relocate. She warns that if such practices continue, it will ultimately hinder economic growth and talent development in the long term.