JPMorgan's Dimon Calls for Full Bank Oversight of Interest-Paying Stablecoin Issuers

JPMorgan Chase CEO Jamie Dimon said stablecoin issuers that pay interest or rewards on customer balances should face the same regulatory framework as traditional banks, including capital and liquidity rules, anti-money laundering controls and federal deposit insurance, in a Tuesday CNBC interview. Dimon argued firms operating like deposit-taking institutions should be overseen on a "level playing field by product" to ensure fairness and safety in the financial system, while distinguishing transaction-linked rewards, which banks could accept as a compromise, from interest on stored balances. His remarks came as U.S. lawmakers and the White House review draft stablecoin legislation, with the banking and crypto industries divided over whether issuers should be permitted to offer yield on customer holdings.