JP Morgan CEO Jamie Dimon says stablecoin issuers paying interest should be regulated as banks

JPMorgan Chase CEO Jamie Dimon stated that stablecoin issuers who pay interest on customer balances should be regulated identically to traditional banks, including meeting capital, liquidity, AML, and federal deposit insurance standards. This position sharpens the debate surrounding the CLARITY Act, as Dimon believes that holding balances and paying interest constitutes a banking function. He suggested banks could accept a compromise where crypto platforms offer transaction-tied rewards, but not interest on stored funds. Dimon framed this as necessary for a "level playing field by product" and to protect the financial system from risks building outside regulated oversight. While JPMorgan supports competition and uses blockchain technology, Dimon stressed that any competition must be "fair and balanced," citing the significant compliance burdens banks already carry.

(Source：CoinDesk)