Overview
- JPMorgan CEO Jamie Dimon said firms that pay returns on stablecoin balances are performing bank activity and should be subject to bank oversight.
- He proposed a compromise that would permit rewards tied to transactions rather than to customer holdings.
- Dimon cited FDIC insurance, anti-money laundering controls, capital and liquidity requirements, and community lending obligations as standards banks already meet.
- White House sessions seeking a March 1 compromise produced no deal, and the Senate Banking Committee shelved a markup after Coinbase withdrew support over likely limits on rewards.
- The Senate Agriculture Committee advanced its piece of the market‑structure framework on Jan. 29, while broader provisions on SEC–CFTC roles, fund segregation, proof‑of‑reserves, and links to the GENIUS Act remain unsettled.