JPMorgan CEO calls for unified regulatory standards for stablecoin rewards

According to Crypto Briefing, JPMorgan CEO Jamie Dimon recently stated on CNBC that he supports the development of blockchain technology but emphasizes that stablecoin rewards should adhere 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 subject to appropriate regulation.

Dimon suggested that rewards could be offered on transactions rather than balances as a compromise. Currently, the Senate Agriculture Committee has passed parts of the market structure bill, which aims to clarify the jurisdiction of the SEC and CFTC, requiring customer funds to be segregated and proof of reserves.