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Trump Sues JPMorgan, CEO Dimon for $5B Over Debanking

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US President Donald Trump sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, for at least $5 billion, alleging that the lender stopped offering him and his business banking services for political reasons.

According to the complaint filed on Thursday, Trump accuses the bank of trade libel and breach of the implied covenant of good faith. It also states that Dimon violated Florida’s Deceptive and Unfair Trade Practices Act.

The lawsuit, filed in Miami-Dade County court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days’ notice and no explanation.

By doing so, Trump claims JPMorgan and Dimon cut the president and his businesses off from millions of dollars, disrupted their operations, and forced them to open bank accounts elsewhere urgently.

However, JPMorgan has since denied all allegations. “While we regret that President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for,” said a JPMorgan spokesperson.

Meanwhile, the Trump family has continued to reiterate that the banks had debanked his family for political reasons.

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Trump And The Fight Against Debanking

Since retaking office, Trump has signed an executive order against debanking. His appointed regulators, including Comptroller of the Currency Jonathan Gould, have similarly warned banks against engaging in any activities that appear to be debanking, a concern the crypto industry at large has had over the past few years.

“You shouldn’t be debanked,” Trump said to reporters while aboard Air Force One on Thursday. “It’s so wrong. I don’t know what their excuse would be. Maybe their excuse would be the regulators.”

Meanwhile, the family has since turned to crypto as a hedge.

“We got into crypto because we were debanked,” Donald Trump Jr. said in a Fox News interview last year. “We had to come up with solutions,” he continued, adding that crypto was the most efficient way to go and “absolutely the future of banking.”

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Bitcoin Mining Centralizes as AI Decentralizes: Galaxy Research

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Bitcoin Mining Centralizes as AI Decentralizes: Galaxy Research

Bitcoin mining runs the risk of becoming more centralized as time goes on, while artificial intelligence could be moving in the opposite direction, according to Galaxy Research head Alex Thorn.

Thorn said that while Bitcoin mining began decentralized, with users mining Bitcoin on their personal computers, it has since become far more centralized, requiring ASIC miners or industrial-scale farms. 

“AI may follow the opposite path,” Thorn said, explaining that AI began in centralized clusters but could decentralize as open-source models close the gap.

“If local models keep getting smaller, cheaper, and more efficient, AI may become increasingly personal and on-device.”

The divergence strikes at the heart of crypto’s core promise: decentralization. If Bitcoin mining were to continue down a path of centralization, it could begin to raise concerns about the network’s long-term resilience.

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AI may move opposite to BTC mining and become more decentralized over time. Source: Alex Thorn

Edge AI market to grow 300% in the next eight years

Edge AI computing refers to the deployment and running of AI models directly on local devices or “at the edge” of the network, rather than sending all data to centralized cloud servers or massive data centers for processing.

The global AI edge market is anticipated to grow from about $25 billion in 2025 to a projected $119 billion by 2033, according to Grand View Research.

Related: Researchers discover malicious AI agent routers that can steal crypto

The edge market is experiencing significant growth driven by the “rapid expansion of IoT (Internet of Things) and connected devices,” stated GVR. 

This increases the demand for real-time and low-latency data processing, growing the adoption of AI-enabled automation across industries, and “rising focus on data privacy and localized intelligence at the network edge,” GVR added.

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Edge AI market is predicted to surge by 300% by 2033. Source:  Grand View Research

Bitcoin mining is decentralizing geographically 

Crypto exchange KuCoin reported on Friday that Bitcoin mining has become increasingly unviable in the United States as the cost to mine a single BTC has surpassed $100,000 in some regions due to surging energy costs

This is resulting in a geographic migration with hash rate actively moving toward the “Global South,” with Paraguay and Ethiopia emerging as the leading destinations due to surplus hydroelectric power.

This could help to decentralize mining, at least from a geographical perspective.

“This decentralization of mining power across different continents enhances the security of the network by making it less vulnerable to any single country’s political or environmental shocks,” it stated.

Magazine: Bitcoin quantum-safe without upgrade? CZ’s 2031 crypto vision: Hodler’s Digest

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