ChainCatcher reports that JPMorgan Chase CEO Jamie Dimon recently stated on CNBC that he supports the development of blockchain technology but emphasizes that stablecoin rewards should be subject to the same regulatory standards as traditional banking products. He believes that any company holding customer funds and paying interest is essentially engaged in banking and should be regulated accordingly.
Dimon suggests offering rewards based on trading activity rather than account balances as a compromise. Currently, the Senate Agriculture Committee has passed parts of the Market Structure Act, which aims to clarify the jurisdiction of the SEC and CFTC, requiring customer fund segregation and reserve proof.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
UK political crypto donations banned by Starmer government
The U.K. government, led by Prime Minister Keir Starmer, has enacted a moratorium on cryptocurrency donations to political parties, citing risks of foreign interference. This measure, prompted by the Rycroft review, addresses concerns over the anonymity of digital assets affecting democratic processes.
CoinDesk6m ago
UK review recommends crypto donation pause over foreign interference risk
Philip Rycroft, a former senior civil servant, recommended that the UK government impose a temporary moratorium on political donations made in crypto assets in an independent review published on Wednesday.
“The government should legislate in the Representation of the People Bill to introduce a mora
Cointelegraph46m ago
UK Labour Party Plans Temporary Ban on Cryptocurrency Political Donations, May Impact Reform Party Funding Sources
BlockBeats News: On March 25, the UK Labour Party announced it will implement a "temporary ban" to suspend political groups from accepting cryptocurrency donations until relevant regulatory frameworks are improved, in response to risks of foreign interference in elections.
The measure is seen as potentially directly impacting the Reform Party's funding sources. Previously, the party led by Nigel Farage received substantial donations from cryptocurrency industry figures.
The UK government stated that this move aims to enhance political funding transparency and public trust, while the relevant ban will be retroactively applied to cryptocurrency donations effective immediately.
BlockBeatNews58m ago
Institution: Circle Stock Price Plunge May Be Misinterpreted, New Stablecoin Regulations Mainly Target Distribution End
Research firm Bernstein points out that the market misinterpreted the Clarity Act draft, causing Circle's stock price to plummet. The bill restricts stablecoin yield distribution, not issuance, so the impact on Circle's business model is limited. In contrast, a certain CEX needs to restructure its revenue mechanism. In the long term, restricting passive income may benefit Circle in consolidating its market position.
GateNews2h ago
10x Research: The battle over stablecoin regulation heats up, with increasing strategic divergence between Circle and certain CEXs
Recently, competition between Circle and a certain CEX has intensified in the stablecoin economy. Circle supports stablecoin regulatory legislation to gain legitimacy, and despite facing stock price volatility, it may benefit from regulatory certainty in the long term. The CEX, however, focuses on short-term gains. 10x Research is reassessing its investment strategy.
GateNews2h ago
Survey Shows UK Young People Broadly Optimistic About Cryptocurrency, Support Crosses Party Lines
A survey shows that cryptocurrency is quite popular among young people in the UK, with 64% of left-leaning party supporters having heard of cryptocurrency. Although right-wing parties such as the UK Reform Party support the crypto industry, its appeal has transcended partisan lines. The government faces industry pressure on regulation, with slow progress in advancing it.
GateNews3h ago
