JPMorgan expands stablecoin involvement… “Should be subject to the same regulation as banks”

JPMorgan said it is clearly willing to step up its participation in the stablecoin market, while stressing that the same regulations that apply to banks should also apply.

According to Cryptopolitan, a digital-asset (cryptocurrency) news outlet, on the 3rd Jamie Dimon, CEO of JPMorgan, emphasized that stablecoin interest-earning structures are effectively similar to interest on bank deposits and therefore should fall under the same regulatory framework.

Dimon said, “If a product is the same as a bank service, it should be subject to the same rules,” noting that if crypto firms hold customer funds and provide rewards that function like interest, they are no different from banks. He added, however, that some exceptions could be possible for reward structures limited to specific remittance activities.

He argued that it is unfair to apply looser regulation to non-bank operators when banks are required to comply with strict capital, security and supervisory rules.

The outlet reported that “this debate is also emerging as a key issue as the U.S. Congress reviews new digital-asset-related legislation.”