The US Department of Justice has issued subpoenas to JPMorgan Chase, Bank of America, Wells Fargo, and other major banks as part of a sweeping investigation into whether these institutions closed customer accounts for political reasons. The probe, led by US Attorney Jeanine Pirro from her Washington, D.C. office, demands that banks hand over lists of affected customers and explain why those accounts were terminated.
What the subpoenas actually require
The DOJ’s subpoenas compel banks to produce two critical pieces of information: the identities of customers whose accounts were closed, and the justifications behind each closure. This isn’t a polite request. Subpoenas carry legal weight, and non-compliance can result in contempt proceedings.
The investigation follows an executive order signed by President Trump on August 7, 2025, specifically targeting what the administration calls “politicized debanking.” That order was designed to ensure fair banking practices amid growing concerns that financial institutions were using risk management as a convenient cover for viewpoint discrimination.
The practice of debanking has been a persistent grievance in the crypto industry since early 2021. Reports of account closures spiked after the January 6 Capitol riots, with banks reportedly terminating accounts linked to individuals associated with Trump and conservative political movements.
