JPMorgan Chase CEO Jamie Dimon said Tuesday that companies holding customer stablecoin balances and paying interest should face the same capital, liquidity, and FDIC insurance requirements as traditional banks.
The remarks come as White House-brokered talks between banks and crypto firms have produced no deal, with both sides still far apart past a March 1 deadline.
The comments directly engage an ongoing dispute with Coinbase CEO Brian Armstrong, whose company pulled support for the CLARITY Act the day before a Senate Banking Committee vote in January, citing restrictions on stablecoin yield programs.
What Happened
Speaking on CNBC, Dimon said banks could accept a compromise allowing crypto platforms to offer rewards tied to transactions. But he drew a firm line at interest-like payments on idle balances.
"If you're going to be holding balances and paying interest, that's a bank," he said. "You should be regulated like a bank."
He pointed to requirements banks must meet - FDIC insurance, anti-money laundering rules, capital and liquidity standards, and community lending obligations - and argued similar products should carry similar oversight. "Level playing field by product," Dimon said, warning that unregulated activity outside the banking system could build systemic risk.
Dimon also noted that JPMorgan uses blockchain in its own operations, including a deposit token and real-time payment and data transfer systems, adding: "We're in favor of competition. But it's got to be fair and balanced."
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Why It Matters
The CLARITY Act, a broad crypto market structure bill that passed the House in July 2025 with 294 votes, has stalled in the Senate over the stablecoin yield question.
The Senate Banking Committee postponed its markup vote after Coinbase withdrew support, and a rescheduled vote has not been announced.
Coinbase offers stablecoin rewards of up to 3.5%, compared to near-zero rates at most traditional bank accounts. Banks argue that allowing crypto platforms to offer equivalent yields without equivalent oversight creates unfair competition and could erode the deposit base that funds consumer and business lending.
Armstrong has countered that banks should compete on merit. The White House has hosted multiple mediation sessions, but banking-side negotiators believe a deal before Congress faces midterm-election pressure may not be achievable.
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