ChainCatcher reports that JPMorgan Chase CEO Jamie Dimon recently stated on CNBC that he supports the development of blockchain technology but emphasizes that stablecoin rewards should be subject to the same regulatory standards as traditional banking products. He believes that any company holding customer funds and paying interest is essentially engaged in banking and should be regulated accordingly.
Dimon suggests offering rewards based on trading activity rather than account balances as a compromise. Currently, the Senate Agriculture Committee has passed parts of the Market Structure Act, which aims to clarify the jurisdiction of the SEC and CFTC, requiring customer fund segregation and reserve proof.
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