Overview
- On CNBC, Jamie Dimon said firms paying returns on stablecoin balances are performing banking and should be regulated as banks.
- He proposed allowing rewards tied to transactions rather than to stored balances as a potential compromise.
- He cited bank obligations including FDIC insurance, anti-money-laundering controls, capital and liquidity requirements, and community lending.
- He warned that letting nonbanks offer bank-like products without comparable oversight would harm consumers, saying “the public will pay.”
- The dispute has frozen Senate action after Coinbase withdrew support and a Banking Committee vote was shelved, even as lawmakers review new White House draft language.