{"id":34715,"date":"2026-04-20T17:52:37","date_gmt":"2026-04-20T17:52:37","guid":{"rendered":"https:\/\/www.europesays.com\/people\/34715\/"},"modified":"2026-04-20T17:52:37","modified_gmt":"2026-04-20T17:52:37","slug":"jamie-dimon-warns-of-growing-crypto-competition-in-annual-letter-we-need-to-roll-out-our-own-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/people\/34715\/","title":{"rendered":"Jamie Dimon warns of growing crypto competition in annual letter: \u2018We need to roll out our own blockchain technology\u2019"},"content":{"rendered":"\n

JPMorgan CEO Jamie Dimon has long been among the crypto sector\u2019s most notable skeptics. Dimon vowed<\/a> in 2017 to fire any JPMorgan trader who traded bitcoin and has called the oldest cryptocurrency a \u201cfraud\u201d and a \u201cpet rock.\u201d More recently, though, Dimon has become more open to the technology and, this week, he acknowledged that blockchain-based companies are now among his bank\u2019s competitors.<\/p>\n

In his annual shareholder letter<\/a> published on Monday, Dimon said \u201ca whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization.\u201d<\/p>\n

Dimon added that JPMorgan will need to up its game to ward off competition from the upstarts, writing: \u201cWe need to roll out our own blockchain technology.\u201d<\/p>\n

JPMorgan has been quietly rolling out its own blockchain technology for several years now. The bank unveiled its JPM Coin running on a permissioned blockchain in 2019. More recently, its Kinexys blockchain unit has continued to expand into areas like tokenization and payments. JPMorgan has explored permissionless blockchains, too: The co-CEOs of Commercial and Investment Banking at the firm recently touted<\/a> its involvement in the 2025 U.S. commercial paper issuance on Solana for Galaxy Digital Holdings.<\/p>\n

Dimon\u2019s views on crypto began\u00a0 to change in earnest last year. In July, he proclaimed himself to be a \u201cbeliever in stablecoins<\/a>\u201d and, during the Fortune Most Powerful Women Summit in October, he reiterated that \u201cblockchain is real\u201d<\/a> and predicted it would replace elements of the financial system. His latest comments underscore how the crypto sector has now become something else: a competitor to JPMorgan itself.<\/p>\n

Dimon\u2019s latest comments on blockchain come as the bank has been sparring with the crypto industry in Washington, D.C. over a closely-watched piece of crypto legislation known as the CLARITY Act.<\/p>\n

The bill would establish a U.S. regulatory framework for crypto, resolving long-running ambiguities involving the responsibilities of different financial regulators and registration criteria for crypto firms. Proponents of the law argue that clearer crypto rules can protect consumers while reversing a \u201cregulation-by-enforcement\u201d approach that has historically stifled crypto innovation in the U.S.<\/p>\n

CLARITY passed the House but hit a snag in the Senate earlier this year over provisions that sought to make it harder for stablecoin issuers to offer rewards to holders. The GENIUS Act, a legislative framework for stablecoins passed in 2025, restricts stablecoin issuers from paying yield to holders. However, crypto exchanges such as Coinbase<\/a> are able to custody stablecoins for issuers and pass along rewards to holders. Banks have lobbied Congress to close this \u201cloophole<\/a>,\u201d arguing<\/a> that yield-bearing stablecoins could be a potential substitute for bank deposits, which could significantly reduce banks\u2019 deposit base.<\/p>\n

Coinbase CEO Brian Armstrong came out against<\/a> a draft of CLARITY in January partly because, in Armstrong\u2019s telling, banning stablecoin rewards allows banks to \u201cban their competition.\u201d Coinbase earns a significant amount of revenue from USDC interest, and a ban on stablecoin rewards could presumably hurt the company\u2019s bottom line. Amid the back-and-forth, Dimon reportedly<\/a> accosted Armstrong at the World Economic Forum in Davos, telling the Coinbase CEO he\u2019s \u201cfull of shit.\u201d<\/p>\n

In a Fox<\/a> Business interview April 1, Coinbase Chief Legal Officer Paul Grewal said the banks and stablecoin companies are \u201cvery close to a deal.\u201d<\/p>\n

With more crypto-friendly regulators in charge under the Trump administration, companies in the crypto sector have lately shown a willingness to become more bank-like. A number of crypto firms have received conditional approval for a national trust banking charter from the Office of the Comptroller of the Currency. These bank charters, while somewhat narrow, enable crypto firms to do things like custody user assets.<\/p>\n

As crypto competitors have become more formidable, JPMorgan has also bolstered its crypto functions. In an investor report penned Monday, the co-CEOs of the firm\u2019s Commercial and Investment Banking division noted that transactions on JPMorgan\u2019s blockchain-based products had grown thirtyfold since 2023.<\/p>\n

This story was originally featured on Fortune.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"JPMorgan CEO Jamie Dimon has long been among the crypto sector\u2019s most notable skeptics. Dimon vowed in 2017…\n","protected":false},"author":2,"featured_media":34716,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[164],"tags":[892,9015,805,808],"class_list":{"0":"post-34715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jamie-dimon","8":"tag-blockchain","9":"tag-crypto-legislation","10":"tag-jamie-dimon","11":"tag-jpmorgan"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@people\/116438312342417539","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/34715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/comments?post=34715"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/34715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media\/34716"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media?parent=34715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/categories?post=34715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/tags?post=34715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}