JPMorgan CEO Jamie Dimon pushes level playing field for stablecoin rewards

JPMorgan Chase CEO Jamie Dimon stated that while he welcomes blockchain advancements, stablecoin rewards must operate under a level regulatory playing field compared to traditional banking products. Dimon indicated that offering rewards on customer balances is functionally equivalent to paying interest on deposits, meaning any company holding customer funds and paying interest should be regulated as a bank. He emphasized that non-bank firms offering bank-like products without adhering to the same stringent regulations—such as FDIC insurance, AML rules, and capital requirements—create an uneven playing field that could harm consumers. Dimon suggested a compromise where rewards could be paid on transactions rather than balances, but insisted on equal regulation based on the product offered. This discussion occurs as the Senate Agriculture Committee advanced its portion of market-structure legislation, which aims to clarify regulatory jurisdictions and mandate oversight for stablecoins.

(Source：Crypto Briefing)