JPMorgan Chase CEO Jamie Dimon stated that traditional banks will not accept the current U.S. encryption framework.He stated that the banks will launch an opposition campaign against the relevant bill.It also emphasized that banks and decentralized platforms should be subject to closer regulatory standards.
The main demands of the banking industry
In an interview with Fox Business, Dimon said that the banking industry is not afraid of competition, but rather demands a "level playing field." He noted that banks face numerous requirements regarding capital, liquidity, and disclosure, while crypto platforms do not bear the same constraints.
The controversy centers on stablecoins
He also warned that digital assets could be exploited by criminal networks, posing national security risks when involving financial flows. Dimon expressed dissatisfaction with the Clarity Act, arguing that it could allow institutions to offer deposit-like returns through tools such as stablecoins without corresponding protection.
The banking industry is prepared to continue lobbying.
Dimon said that JPMorgan Chase, the American Banking Association, small banks, and credit unions would not accept this arrangement. As Senate deliberations approach, the banking industry is expected to continue pushing for amendments to the bill.
