Overview

• JPMorgan Chase will now allow clients to purchase Bitcoin and display it on account statements but will not provide custody services.
• CEO Jamie Dimon reiterated his personal skepticism about Bitcoin, citing concerns over its links to illicit activities such as money laundering and terrorism.
• This marks a shift for JPMorgan, which previously limited its cryptocurrency exposure to futures-based products rather than direct client access.
• The move follows regulatory changes under the Trump administration, including the rescission of anti-crypto guidance and the repeal of SAB 121, enabling banks to custody digital assets with Federal Reserve approval.
• Morgan Stanley, another major U.S. bank, has been offering spot Bitcoin ETFs to qualifying clients since August 2024, reflecting broader institutional adoption of cryptocurrencies.