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Wall Road big JPMorgan Chase is exploring crypto-backed loans for its purchasers, a transfer that will mark a serious shift for a financial institution whose CEO as soon as labeled Bitcoin a “fraud.”
That’s in response to a Monetary Occasions report that cited sources accustomed to the matter, who stated the financial institution may start lending in opposition to cryptos together with Bitcoin (BTC) and Ethereum (ETH).
These crypto-backed loans may grow to be out there as early as 2026, although plans are topic to alter, the report added.
Jamie Dimon’s Adverse Crypto Feedback Price The Financial institution Potential Purchasers
JPMorgan’s CEO, Jamie Dimon, has repeatedly expressed his anti-crypto stance through the years.
Throughout a 2017 firm assembly, he dismissed Bitcoin as a “fraud,” and likewise warned that any of the financial institution’s workers that commerce BTC on the financial institution’s accounts could be fired.
The dearth of primary understanding about Bitcoin from Jamie Dimon, because the CEO of the biggest financial institution on the planet, is fairly wild. Clearly has not spent any materials period of time wanting into it but speaks so confidently. A bit embarrassing frankly.pic.twitter.com/Q1voqCcJv1
— Will (@WClementeIII) January 17, 2024
Then, in 2018, he as soon as once more criticized Bitcoin and known as it a “rip-off,” including that he wasn’t all for it.
Years later, in 2022, the JPMorgan CEO reiterated his unfavorable stance on digital belongings, labeling them as “decentralized Ponzi schemes.” He did, nonetheless, acknowledge the potential of decentralized finance (DeFi), blockchain expertise, sensible contracts and “tokens that do one thing.”
Based on the sources cited within the report, Dimon’s unfavorable feedback in direction of crypto have price the financial institution potential purchasers which have both made their cash in digital belongings or who’ve proven a long-term curiosity in crypto.
JPMorgan Wanting Into Stablecoins After GENIUS Act Signed Into Regulation
Dimon has not too long ago softened his stance on crypto, and stated he would defend purchasers’ proper to purchase Bitcoin.
JPMorgan has additionally expanded its stablecoin improvement, with the financial institution’s CEO saying earlier this month that JPMorgan could be “concerned in each JPMorgan deposit coin and stablecoins to grasp it, to be good at it.”
Citigroup CEO Jane Fraser has additionally stated the financial institution is “actively exploring” a Citi-branded stablecoin for cross-border funds.
Jane Fraser, Citi $C Q2 2025 earnings name: “We’re wanting on the issuance of a Citi stablecoin” 👇🏻 pic.twitter.com/RfFUIG9mVp
— Jevgenijs Kazanins (@jevgenijs) July 15, 2025
That’s after US President Donald Trump signed the GENIUS Act into regulation, a key stablecoin invoice that establishes federal frameworks for the issuance and buying and selling of stablecoins.
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