JPMorgan Chase has closed the personal accounts of Jack Mallers, CEO of Bitcoin payments firm Strike, without providing an explanation, sparking fears of a renewed 'debanking' wave in the U.S. crypto industry. This move has reignited concerns about 'Operation Chokepoint 2.0,' a term used to describe alleged government pressure on banks to sever ties with crypto companies. U.S. Senator Cynthia Lummis criticized the action, stating it undermines confidence in traditional banking and pushes the digital asset industry overseas. The issue of debanking has been a contentious topic, with allegations that the Federal Deposit Insurance Corporation (FDIC) has been destroying records related to these efforts. Lummis has threatened legal action if these claims are substantiated. The controversy comes amid broader concerns about the treatment of crypto firms by traditional financial institutions, which have faced significant fines for compliance failures over the years.