JPMorgan Chase is reportedly considering crypto-assisted loans, indicating a potential change in how US banks view crypto assets.
The Financial Times reported Tuesday that JPMorgan could launch direct loans to crypto assets such as Bitcoin (BTC) and Ether (ETH), citing unconfirmed sources.
The FT reported that this could occur by 2026, but plans could change.
The report follows recent JPMorgan’s indications of interest in stubcoin. In a revenue call on July 15th, JPMorgan Chase CEO Jamie Dimon said he plans to join Stablecoins. He said that banks will “understand” and “good” their asset classes.
The comment came when competitor Citigroup announced plans to take part in the Stablecoin race. During a post-revenue conference call, Citigroup CEO Jane Fraser said the bank is considering issuing something stable for payment.
Cointelegraph contacted JPMorgan for comment, but was not responded by publishing.
JPMorgan CEO softens Crypto’s stance
Over the past few years, Dimon had expressed anti-cryptic sentiment. In 2017, he called Bitcoin a “scam” during a company meeting and said he would fire employees trading BTC on the company’s account.
In 2018, Dimon criticized Crypto during the event, calling it a “scam” and said he wasn’t interested in it.
In 2022, Dimon made more anti-cryptic remarks, calling digital assets a “decentralized Ponzi scheme.” Nevertheless, he has actively commented on blockchain, decentralized finance (defi), smart contracts, and “tokens that do something.”
An unidentified source said Dimon’s previous anti-Vitcoin comments alienated potential clients who made money through crypto or were long-term followers of the asset class, according to a Financial Times report.
Related: SEC explores Ethereum Token Standard for Compliant Securities
Recently, Dimon began to soften his remarks about Crypto, saying he would defend the rights of people buying Bitcoin.
On May 19, Dimon said it would allow JPMorgan clients to purchase BTC. However, the company said it would not detain the crypto assets.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon said.
https://www.youtube.com/watch?v=alc2u0ynfca
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