Federal prosecutors have issued subpoenas to JPMorgan Chase, Bank of America, and Wells Fargo as part of an investigation into whether those institutions unlawfully closed customer accounts based on political or ideological criteria, including crypto-industry affiliations. The probe directly engages the crypto industry's long-standing Operation Chokepoint 2.0 grievance that regulators informally pressured banks to exit crypto clients.
Armada's crypto repo desk and its counterparties — hedge funds, market makers, miners, and family offices — may have had or currently have banking relationships with these three institutions. If the probe reveals systematic debanking patterns, it could disrupt settlement infrastructure for those clients, and Armada should verify that its own banking and custodial arrangements are not exposed to sudden account termination risk.