JPMorgan Chase is contemplating the introduction of cryptocurrency trading for its institutional clientele, a major escalation in its engagement with the digital asset sector and a notable shift in CEO Jamie Dimon’s perspective towards crypto assets.
According to a recent Bloomberg report from Monday that referenced an insider, JPMorgan is evaluating various products and services for its markets division, which might lead to the deployment of trading options for digital assets, including both spot and derivatives trading.
These cryptocurrency services are still in the formative stages, prompted by rising client interest amidst a transforming regulatory landscape in the United States. The current administration, under President Trump, has implemented numerous pro-crypto policies since the start of the year, including the enactment of a stablecoin payments bill, known as the GENIUS Act.
Although this potential direction would enhance its association with the digital asset industry, JPMorgan has faced backlash from Jack Mallers, the CEO of Strike, who accused the bank in November of shutting down his accounts without sufficient explanation. In a December interview, Jamie Dimon asserted that the bank doesn’t disengage clients due to their religious or political views.
If solidified, this venture into cryptocurrency trading would mark a significant turnaround for Dimon, who previously characterized cryptocurrencies like Bitcoin as tools for “criminals, drug dealers, and money launderers” during a 2023 oversight hearing, yet he later expressed that he supports stablecoins and acknowledges the advantages of blockchain technology.
Other Banks Entering the Crypto Arena
Moreover, BPCE, a French banking institution, is also moving towards launching cryptocurrency trading for its retail customer base, positioning itself among the select banks in the EU to offer digital asset services. Meanwhile, BNY Mellon announced in November its initiation of a money market fund designed to support US stablecoin issuers, in alignment with the regulations instituted by the GENIUS Act that necessitate reserves for stablecoin providers.
Related: Strike CEO debanked by JPMorgan, Lummis sounds ‘Chokepoint 2.0’ alarm
(Translation: Related: Strike CEO accuses JPMorgan of debanking him, raising alarms about regulatory measures.)
