JPMorgan CEO Declares All-Out War on Trump's Crypto Bill...Targets Stablecoin Reward Structure

▲ Stablecoin, cryptocurrency regulation/AI generated image

JPMorgan CEO Jamie Dimon has directly criticized US President Donald Trump's cryptocurrency market structure bill, reigniting the clash between Wall Street and the crypto industry over Bitcoin (BTC) and stablecoins.

According to the economic media outlet Forbes on May 31 (local time), Dimon issued a strong warning, stating that President Trump's cryptocurrency market structure bill could create risks for the financial system. He took issue with the structure where crypto companies attract deposit-like funds and pay rewards like banks, yet are not subject to the same level of safeguards and regulations as traditional banks.

Dimon emphasized that if cryptocurrency platforms operate like banks, they should be regulated like banks. He criticized crypto companies for trying to enjoy bank-like benefits while avoiding key regulations in the traditional financial sector such as Anti-Money Laundering (AML), the Bank Secrecy Act, FDIC insurance, capital requirements, and liquidity rules.

At the heart of the debate is the stablecoin reward structure. The banking sector worries that if cryptocurrency exchanges can pay interest-like rewards to stablecoin holders, existing bank deposits could flow out. In contrast, the crypto industry argues that stablecoins are a natural evolution of payment infrastructure, and clear regulations could foster institutional capital inflow.

Dimon also raised concerns about the money laundering risks of cross-border stablecoin payments. He pointed out that if funds move to overseas digital wallets and pass through multiple wallets, traceability and accountability could be weakened. Regarding the bill, Dimon stated, “We will fight it,” adding, “If we lose, we lose, but the fight will happen.”

This clash comes at a time when JPMorgan has historically shown skepticism towards Bitcoin, and US politicians are pushing for a cryptocurrency market structure bill and stablecoin regulations. Forbes reported that Dimon's warning is simultaneously stimulating Bitcoin price forecasts and the debate over the institutionalization of cryptocurrencies. The power struggle between the banking sector and the crypto industry has emerged as a key variable determining the direction of the US cryptocurrency market structure bill and Bitcoin investor sentiment.

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