"JPMorgan is making another big bet on crypto. The Wall Street giant is considering letting institutional clients trade cryptocurrency, according to reporting on Monday from Bloomberg. These products and services may reportedly include spot and derivatives trading, and the efforts are still in their early stages. JPMorgan did not immediately respond to Fortune's request for comment. The move comes amid the company's broader embrace of digital assets. In October, the bank announced that it would allow institutional clients to use Bitcoin and Ether as collateral."
"The bank's recent expansion of crypto is notable given how CEO Jamie Dimon has long expressed contempt for the sector. As recently as last year, Dimon compared Bitcoin to a "pet rock", and said that its only uses were for money laundering and fraud, among other illegal activities. The remarks followed other insults Dimon has heaped on crypto over the years."
"JPMorgan's pivot towards crypto follows President Donald Trump's more favorable policies toward the sector. In July, Trump signed the Genius Act into law, creating a regulatory framework for stablecoins. The legislation was enacted as Trump's family profited from the industry. Given the new regulatory landscape for crypto, other major financial companies have also been hopping on the bandwagon."
JPMorgan is considering letting institutional clients trade cryptocurrencies, potentially offering spot and derivatives trading while efforts remain in early stages. The bank recently allowed institutional clients to use Bitcoin and Ether as collateral and launched a tokenized money fund through its asset management arm. CEO Jamie Dimon has previously criticized cryptocurrencies, likening Bitcoin to a "pet rock" and associating it with illicit uses. The bank's move follows regulatory changes such as the Genius Act, and other major financial firms including BlackRock, Fidelity, Goldman Sachs, UBS, Citi, and HSBC have expanded into ETFs, staking, tokenized assets, and custody. Despite increased institutional adoption, major crypto prices have declined, with Bitcoin down about 30%.
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