JPMorgan CEO says: Stablecoin rewards must be subject to the same rules

JPMorgan CEO Jamie Dimon confirmed that he welcomes competition and development in blockchain technology, but stressed that stablecoin rewards need to be subject to a fair regulatory framework that equates them with traditional banking products.

In an interview with CNBC, Dimon commented on the controversy surrounding whether trading platforms should allow stablecoin bonuses, noting that banks treat these bonuses as interest on deposits.

He added that any party that holds client funds and pays returns is effectively acting as a bank and must therefore be subject to the same banking regulations.

A compromise solution would be to allow bonuses to be tied to transactions rather than to balances held.

However, if returns are paid based on retained balances, he said the issuer must be regulated like a bank.

Damon noted that in addition to community lending obligations, banks are subject to strict requirements, including deposit insurance through the Federal Deposit Insurance Corporation (FDIC), anti-money laundering rules, capital and liquidity requirements.

He argued that allowing non-bank companies to offer similar deposit products without being subject to the same controls would create an unfair playing field and could put consumers at risk.

Dimon’s comments come as a bill to regulate the structure of digital asset markets advances in the Senate.

On January 29, a follow-up committee narrowly passed parts of the bill, but the project still needs approval from the Banking Affairs Committee before the two versions can be merged and submitted to the council for a public vote.

The proposed framework aims to clearly define the jurisdictional scope of the SEC and CFTC and establish requirements for the segregation of client funds and proof of reserves, as well as harmonizing the regulation of stablecoins within the “GENIUS” law.

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