19 States accused JP Morgan on closing accounts on religious or political beliefs. This is exactly why anonymity and privacy is so important in crypto as a future of finance and potential TradFi and banking replacement/improvement, as well as the signific

19 states have come out accusing JP Morgan of of closing accounts and discriminating against customers due to their political or religious beliefs. A letter to JP Morgan said "the bank had canceled major organizations' checking accounts and had asked screening questions focused on religion and politics before reinstating them" JPMorgan also allegedly declined a proposal on participation in a survey for the Viewpoint Diversity Score Business Index, which is meant to determine "freedom of expression and freedom of religion or belief as a standard part of doing business,". JPMorgan had received a score of 15% for the index in 2022 which obviously shows their massive bias and give credibility to the claims.

It's significant enough that JP Morgan would randomly close accounts, and defenders would have said it's due to anti-money laundering politcies/bank secrecy act etc, absolutely ridiculous and makes their intentions clear when they ask questions that screen customers religious and political beliefs before customers have just a chance to get their accounts reinstated.

There's been a bit of a push and pull in crypto whereby some people disagree with the need to anonymity. I'd argue that these are privileged people who've had no issues with banks having their information, but they only had no issues because they had money, which the bank wanted. The government view of crypto regulation is definitely to peel back that anonymity as far back as they can. But this situation shows exaclly why anonymity is important, as it immediately solves problems of discrimination as well as safety of the individuals as well so as not to become target, either of societal or corporate discrimination, or criminals.

And crypto balances it very well with allowing privacy but not confidentiality. Privacy means a lack of direct intrusion into private or personal affairs, so an anonymous blockchain has privacy, but not confidentiality. This as confidentiality deals more with a complete block of access to information like the government sealing documents and offering no access at all.

It also ties right back into decentralization, where no centralized entity has the power to deny access to services on the blockchain. We all know that power corrupts and JP Morgan has way too much of that. Instead we have a decentralized blockchain where it would take a (mostly) democratic process to deny access to services, and even then it's pretty rare.

https://www.businessinsider.com/republican-states-accuse-jpmorgan-closing-accounts-religious-political-beliefs-2023-5?op=1