JPMorgan’s financial holding closed Uniswap founder Hayden Adams’s personal accounts without notice or explanation.
🤡 This week @jpmorgan @Chase closed my bank accounts with no notice or explanation
🧑💻 I know many individuals and companies who have been similarly targeted simply for working in the crypto industry
🚀 Thanks for making it a personal
— hayden.eth 🦄 (@haydenzadams) January 23, 2022
Adams said that his case was far from the first among crypto-industry workers.
Former commissioner of the CFTC Brian Quintenz explained that under a standard contract, a bank is entitled not to disclose the grounds for terminating the relationship. He suggested that JPMorgan’s actions could be interpreted as an informal directive from the Fed or the OCC to block crypto-industry representatives’ access to the traditional banking system.
In May 2021, the interagency sprint began with the participation of the Fed, FDIC and OCC, and will continue in 2022. The result of these efforts will be the definition of responsibilities for each regulator and the establishment of a cooperation mechanism.
In December, the OCC promised in 2022 to present additional recommendations regarding the integration of cryptocurrencies into banks’ product lines.
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