JPMorgan Chase Meets With Crypto Task Force to Discuss Regulation of Digital Assets

One of the world’s leading financial services firms has met with the U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force to discuss the regulations of digital assets.

According to a recent memo, three members of JPMorgan Chase met with the regulator to talk about moving existing traditional capital markets on-chain and the banking giant’s business footprint in the crypto industry.

Says the memo.

“On June 17, Crypto Task Force Staff met with representatives from JPMorgan Chase. The topic discussed was approaches to addressing issues related to regulation of crypto assets…

Agenda:

• Overview of existing business footprint, including Repo on existing JPMC platforms of Digital Financing and Digital Debt Services. Additional discussion on the potential competitive angle as markets evolve.
• Area of analysis reviewing the potential impact of existing capital markets activity migrating to public blockchain. Specifically what areas of the existing model might change, and how firms could assess the risk and benefits of those changes.
• Future engagement with the Task Force.”

Earlier this week, JPMorgan Chase filed for a trademark to launch JMPD, its very own crypto service provider and deposit token. In the filing, the bank said it would provide trading, exchange, transfer, and payment processing services for digital assets as well as issue them.

Walmart, Amazon, and other corporate giants are also reportedly contemplating starting their own stablecoins as a means of streamlining payments and avoiding credit fees.

Generated Image: Midjourney