JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan face subpoenas from US lawmakers over their involvement in the initial public offering of a Tesla supplier, according to a report.
In a significant move, U.S. lawmakers have issued subpoenas to the CEOs of JPMorgan Chase and Bank of America, demanding explanations and documents regarding their roles in the initial public offering (IPO) of Contemporary Amperex Technology Co. Ltd. (CATL), a global Chinese battery supplier.
The subpoenas were issued by the House Select Committee on the Chinese Communist Party, which is investigating potential risks to U.S. national security. The committee has expressed concerns over CATL's alleged military ties and the risks posed by U.S. financial institutions' dealings with Chinese companies.
CATL, a key supplier of batteries to Tesla and other electric-vehicle makers, was added to the committee's list of "Chinese military companies" in April. The committee warned of "serious regulatory, financial, and reputational risks" if they did not cease their involvement in CATL's listing. However, despite this warning, JPMorgan and Bank of America proceeded with the Hong Kong listing that raised $5.2 billion in May.
JPMorgan CEO Jamie Dimon has defended the firm’s due diligence and underwriting decisions, while Bank of America has expressed cooperation with the committee. CATL, on the other hand, denies the military allegations and is seeking to resolve its designation by U.S. authorities.
The subpoenas demand documents related to CATL's Hong Kong listing, and the committee claims that the banks have failed to produce previously requested information on the IPO matter. This move is part of broader political scrutiny of the geopolitical risks in U.S.-China financial engagements.
Meanwhile, in the world of cryptocurrency, Bitcoin could explode to $136,000 if demand remains resilient, according to Glassnode. Other developments include Pepeto announcing a presale and demo trading platform, raising $5.5 million, and Zircuit launching an AI trading engine for lightning-fast, cross-chain trading.
Remittix also raised $17 million in its presale after revealing the beta launch date of its next-gen Web 3.0 wallet, and BioSig Technologies and Streamex are pioneering real-world asset tokenization in the US market.
In a separate incident, a woman received $501,450,311 in her bank account and is facing prison because she doesn't know where it came from. The ongoing investigations into this matter are yet to reveal the source of the funds.
Finally, Valhalla announced rewards of $75,000 for its first-ever tournament. These developments underscore the dynamic and evolving landscape of finance and technology.
[1] House Select Committee on the Chinese Communist Party - https://www.house.gov/committee/hschcp [3] JPMorgan and Bank of America subpoenaed over Chinese battery supplier IPO - https://www.reuters.com/business/us-banks-subpoenaed-over-chinese-battery-supplier-ipo-2025-07-26/ [5] U.S. lawmakers demand documents from JPMorgan, Bank of America over Chinese IPO - https://www.cnbc.com/2025/07/26/us-lawmakers-demand-documents-from-jpmorgan-bank-of-america-over-chinese-ipo.html
- Within the ambit of the House Select Committee on the Chinese Communist Party's investigation into potential risks to U.S. national security, JPMorgan and Bank of America have been issued subpoenas for explanations and documents regarding their roles in the initial public offering (IPO) of CATL, a Chinese battery supplier.
- The ongoing political scrutiny of U.S.-China financial engagements has extended to the crypto sphere, where Bitcoin could potentially surge to $136,000 if demand remains resilient, according to Glassnode.
- In the realm of technology, remittix successfully raised $17 million in its presale after announcing the beta launch date of its next-gen Web 3.0 wallet, while Pepeto unveiled a presale and demo trading platform, raising $5.5 million.
- Meanwhile, in the broader landscape of business and finance, Zircuit launched an AI trading engine for lightning-fast, cross-chain trading, and BioSig Technologies and Streamex are pioneering real-world asset tokenization in the US market. However, a woman faced the possibility of prison for receiving an unexplained $501,450,311 transfer to her bank account. The source of the funds remains under investigation.
