One of the world’s largest banks was notified on Monday morning that its cooperation with the Biden administration’s partisan Arctic Frost probe is now under investigation by Florida’s attorney general, The Daily Wire can first report.
Florida Attorney General James Uthmeier told JPMorgan Chase in a Monday morning letter reviewed by The Daily Wire that it had “grave concerns” about the bank’s actions relating to Trump Media, the Florida-based company that operates Truth Social.
The investigation was prompted by information released by the Senate Judiciary Committee, which disclosed last month that Special Counsel Jack Smith’s Arctic Frost investigation into Donald Trump had targeted hundreds of Republican individuals and entities with subpoenas.
“I write to express grave concerns about the explosive revelations regarding the Biden Administration’s pursuit of its political adversaries, and [JPMorgan Chase’s] ensuing actions in the shadow of this operation, codenamed ‘Arctic Frost,'” Uthmeier wrote in a letter to JPMorgan Chase, first obtained by The Daily Wire.
In the letter, which was sent Monday to JPMorgan Chief Executive Officer Jamie Dimon, Uthmeier notes that the Biden DOJ subpoenaed JPMorgan on March 28, 2023. That subpoena called for any and all records of Trump Media Group including “records covering a time period before [Trump Media] existed,” the Florida attorney general noted.
“In addition to spying on Republican Senators,” the letter states, “the Biden Administration subpoenaed sensitive banking information from several Florida individuals, organizations, and business entities including Trump Media & Technology Group Corp. (TMTG), a Florida corporation.”
Uthmeier suspects that JPMorgan Chase was providing sensitive banking information to the Department of Justice and Smith as part of the “malicious prosecutions” into the president, the attorney general told the Daily Wire. He also said the bank was “asking many questions of Trump Media, its client, questions seemingly unrelated to its business.”
JPMorgan alerted shareholders last week that it was “responding to requests from government authorities and other external parties regarding, among other things, the firm’s policies and processes and the provision of services to customers and potential customers,” an apparent reference to debanking. President Trump signed an executive order in August demanding that regulators look into “politicized or unlawful debanking” by the big banks.
JPMorgan says it supports the executive order on debanking.
“This is a step in the right direction,” a JPMorgan spokesman told The Daily Wire in August. “Preventing regulatory overreach and reforming laws that have led to debanking are welcome efforts. The industry has been involved in identifying solutions to this problem for years and looks forward to continuing to work this Administration and Congress to get this right.”
Dimon himself has been vocal in his support of the Trump administration’s efforts to end debanking, noting that JPMorgan and other financial institutions were strong-armed into debanking individuals by the Biden administration.
“The rules and requirements are so onerous and it does cause people to be debanked who, in my opinion, should not be debanked,” Dimon told reporters in February.
Florida Attorney General James Uthmeier in St. Cloud, Florida, on Aug. 19, 2025. (Joe Burbank/Orlando Sentinel/Tribune News Service via Getty Images)
The Florida attorney general’s letter also states that immediately after the “Biden DOJ’s fishing expedition began,” JPMorgan Chase started questioning Trump Media about its transactions from years prior. “[JPMorgan Chase] insisted this fact-gathering was merely ‘due diligence,'” the Florida attorney general said. “These inquiries, however, appear to be pretextual and unrelated to their stated purpose.”
Immediately after Trump Media closed a merger in March 2024, the letter says, JPMorgan Chase notified Trump Media that it was closing its bank accounts — timing that raises “obvious, troubling questions,” according to the Florida attorney general.
“This activity may implicate numerous Florida criminal and civil anti-fraud laws and de-banking prohibitions, as well as a breach of the basic, fundamental duties owed to your banking customers,” the letter states. “Rest assured, this office will be investigating to ascertain the nature of these secret and suspicious circumstances. I have directed my Office of Statewide Prosecution and Enforcement Division to begin investigating this matter immediately.”
JPMorgan is asked in the letter to initiate a litigation hold to preserve all documents relevant to the matter.
Uthmeier told The Daily Wire that he’s committed to protecting Florida-based companies, especially when it believes there was “intent to harm.”
“We think it’s wrong that companies were just coughing things up to the Department of Justice when there was not real probable cause, and we think it’s wrong that companies are debanked, especially at such important times,” Uthmeier said.
“So we’re going to investigate further,” the attorney general said. “We protect Florida-based companies like Trump Media Group. We protect our consumers and where there’s discriminatory banking practices taking place, especially those with intent to harm, we will fight back and hold wrongdoers accountable.”
Uthmeier also pointed out to The Daily Wire that the matter also appears to be related to Jack Smith’s January 6 investigation, and he noted that Trump Media Group’s Truth Social was launched in in February 2022, more than a year after January 6, 2021.
“Any notion that this company was somehow involved in whatever criminal activity that the Department of Justice alleged, wrongfully alleged, surrounded the J6 events,” he said. “Clearly, Truth Social would not have been a part of that.”
“It shows the full scope of the weaponization and the efforts to go after anybody related to Trump or the conservative cause.”
Devin Nunes, the former congressman who’s now CEO of Trump Media, appeared on Fox News on Sunday where he also raised questions about JPMorgan Chase’s treatment of Trump Media in relation to Arctic Frost.
“One would think that Trump Media would not have been caught up into Arctic Frost at all, largely because…we just became a public company in 2024 and we were nowhere around in 2021 on January 6. So why would Trump Media be subpoenaed at that time during this investigation? It doesn’t make any sense.”
“Should [JPMorgan Chase] have complied with this, knowing that we weren’t around? They had to know that our company wasn’t around on January 6. We were never notified…did this break laws in the state of Florida?”
JPMorgan “inexplicably” debanked Trump Media “right at the time we were going public,” he argued, “right at the height of the campaign,” a move that “looked political at the time,” but now looks even more suspicious.