JPMorgan CEO: Stablecoin yields should be regulated like bank deposit interest

JPMorgan CEO Jamie Dimon stated on CNBC on Monday that he welcomes competition and development in blockchain technology but emphasized that the earnings from stablecoins should operate under a fair regulatory environment.

Dimon pointed out that any institution holding customer funds and paying interest is essentially engaged in banking and should be subject to the same regulatory constraints. He proposed a compromise: rewards could be allowed for transaction payments, but if it involves holding balances and paying interest, it should be regulated according to banking standards. He also listed the regulatory obligations that banks must bear, including FDIC insurance, anti-money laundering regulations, and capital liquidity requirements.

In terms of legislative progress, the Senate Agriculture Committee has narrowly advanced the market structure bill by a vote of 12 to 11 on January 29, which still needs to be reviewed by the Senate Banking Committee before it can be submitted for a full vote in the chamber.

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