The Biden administration thought they could weaponize America's banking system against Donald Trump.
Now one Trump ally is making them pay a steep price.
And JPMorgan Chase is about to find out why you don't mess with Trump in Ron DeSantis country.
Florida Attorney General goes to war with Wall Street giant
Florida Attorney General James Uthmeier dropped a bombshell Monday that sent shockwaves through the financial world.
He's launching a full-scale investigation into JPMorgan Chase for what he's calling a coordinated attack on Trump Media & Technology Group.
And the details that are emerging make Watergate look like child's play.
"Today we've sent a letter and launched an investigation into JPMorgan Chase Bank after alarming revelations about its coordinated efforts with Jack Smith and the Department of Justice as part of the Biden administration's Operation Arctic Frost, where we now know Biden officials went after their political enemies," Uthmeier announced.¹
https://twitter.com/AGJamesUthmeier/status/1987919570359964015?s=20
Here's what has Uthmeier fired up.
JPMorgan allegedly "de-banked" Trump Media Group – a Florida company – right before it was about to go public.
Anyone who understands business knows that's when you need your bank most.
Lose your banking relationship at that critical moment and you could tank the entire company.
But it gets worse.
The bank wasn't just cutting ties.
They were allegedly vacuuming up "tons of information" from Trump Media that had nothing to do with normal banking operations.²
Then they supposedly handed that sensitive financial data over to Biden's Department of Justice without any real probable cause.
That's not banking.
That's opposition research disguised as financial oversight.
Jack Smith's fingerprints are all over this scheme
The investigation centers on something called "Operation Arctic Frost" – a Biden DOJ initiative that Uthmeier directly links to special counsel Jack Smith.
Trump Media established its banking relationship with JPMorgan shortly after incorporating in 2021.
Everything seemed normal until 2023, when the Biden administration slapped JPMorgan with a subpoena.
The bank was ordered to turn over all of Trump Media's financial records.
Bank officials were sent to interrogate the company's senior staff about transactions made before the company even had a banking relationship with JPMorgan.
They called it "due diligence."
Uthmeier calls it what it is – a fishing expedition designed to destroy a political enemy.
"We're aware that JPMorgan Bank solicited tons of information from Trump Media unrelated to their business practices, and we believe, provided sensitive banking information to the Department of Justice without real probable cause," Uthmeier stated. "This is wrong. We will not tolerate it, and we will hold them accountable."³
https://twitter.com/AGJamesUthmeier/status/1987958081821544827?s=20
Florida passed legislation specifically to protect consumers from this kind of wrongful de-banking.
Now Uthmeier is using those laws to go after one of the world's biggest banks.
The de-banking conspiracy theory that turned out to be true
The corporate media loves calling "de-banking" a conspiracy theory.
Less than one percent of banking complaints cite political discrimination, they smugly report.
But here's what they won't tell you.
The Trump family business sued Capital One earlier this year, alleging hundreds of accounts were closed in summer 2021 due to political discrimination.
Now we have a state attorney general investigating JPMorgan for allegedly doing the exact same thing.
At some point, you have to ask – how many "conspiracy theories" need to come true before the media admits there's a pattern?
https://twitter.com/MelissaRedpill/status/1988302998204719449?s=20
JPMorgan CEO Jamie Dimon claimed in January that "We have not debanked anyone because of political or religious relationships, period."
But he also acknowledged that banking rules "such as the Bank Secrecy Act discourage banks from dealing with customers that are considered high-risk."⁴
Translation: We didn't de-bank Trump for political reasons. We just decided his company was "high-risk" right when Biden's DOJ came knocking.
Sure, Jamie. And Hunter Biden's laptop was Russian disinformation.
The timing alone destroys any claim of innocence.
Trump Media tried to establish a normal banking relationship in 2021.
Everything was fine for two years.
But in 2023, right as Jack Smith is ramping up his lawfare campaign against Trump – JPMorgan starts demanding unrelated information and sharing private financial data with Biden's Department of Justice.
Then they pulled the plug on the banking relationship right before the company's IPO.
If that's not coordinated political persecution, what would it take to convince people?
Uthmeier hasn't specified which state laws JPMorgan violated or what penalties could follow.
But he made clear Florida won't tolerate banks weaponizing their power to take down political enemies.
JPMorgan has stayed silent so far, refusing to address the allegations directly.
https://twitter.com/bennyjohnson/status/1987927780491677924?s=20
They'll "follow the law in responding to subpoenas," a spokesperson told the Daily Wire.⁵
That's corporate speak for "we're lawyering up and hoping this goes away."
It won't.
The Biden administration turned America's financial system into a weapon against their political opponents.
They thought they could get away with it by hiding behind banks and "due diligence" procedures.
Now Trump's allies are using every tool at their disposal to expose exactly what happened.
And banks like JPMorgan are about to learn there's a price for playing political hitman for the Democrat Party.
¹ Frank Kopylov, "Florida Attorney General Uthmeier launches investigation into JPMorgan Chase over alleged 'De-Banking' of Trump Media," Florida News, November 10, 2025.
² Ibid.
³ Adrian Morgade, "James Uthmeier Launches Investigation into JPMorgan Chase," November 12, 2025.
⁴ Ja'han Jones, "Florida AG launches probe into JPMorgan over Trump Media 'debanking' claim," NBC News, November 11, 2025.
⁵ Ibid.
