In Brief:
- JPMorgan Chase closed Uniswap Founder Hayden Adams’ accounts without notice.
- The incident seems like an indirect means to communicate the bank’s anti-crypto attitude.
JPMorgan’s ongoing tussle with Uniswap Founder Hayden Adams appears to be yet another indirect means of communicating an anti-crypto stance. According to Adams tweet dated January 23, JPMorgan Chase had closed his bank accounts without any notice or explanation.
He revealed that many individuals and companies have been similarly targeted simply for being associated with the crypto industry. He went on to say “thanks for making it a personal.”
JPMorgan customer support responded in a rather derogatory statement saying “It sounds like you’ve had a less than ideal experience, and we want to know where you are coming from.”
Banks and regulatory authorities have always loathed decentralized financial systems, and there were many instances when banks adopted a roundabout way to crack down on crypto. In September last year, The US SEC carried out investigations on Uniswap Labs amid increased regulatory interest in cryptocurrencies and the digital asset market.
Considering the present scenario, banks recognize the growing popularity of digital assets like cryptocurrencies, they have now found the perfect way to counter that. This incident is a living example of how banks are targeting crypto customers from having accounts without actually making it obvious.
Brian Quintenz, Commodity Futures Trading Commission (CFTC) Commissioner was asked by Hayden for clarity from the bank and he explained – “it is likely a shadow de-banking of crypto by @federalreserve or @USOCC [Office of the Comptroller of the Currency] bank examiners, with direction from the top.”
Chase customer support responded to Adams, asking him to use their chat messaging system and resolve the “less than ideal experience” he had with the bank.
Matt West, Congress Democratic Candidate also commented on the tweet saying – “Absolutely insane. This is part of why we need a clear regulatory framework in the US re: crypto and banks.”
