JPMorgan CEO warns that if stablecoins can pay interest similar to deposits, they could eventually collapse

ChainCatcher reports that JPMorgan CEO Jamie Dimon has issued a warning regarding the US crypto market structure bill, the CLARITY Act, stating that if stablecoin issuers are allowed to offer returns to users similar to bank deposit interest, such models could eventually collapse. Dimon said the Act would enable crypto companies to provide deposit-like returns to users through stablecoin accounts without proper regulatory protection, a scenario that the banking industry would not tolerate. He stated, "I am not concerned about stablecoins themselves, but if this happens, I will not participate, and it will eventually blow up."

The CLARITY Act aims to clarify the regulatory framework for the US crypto industry and delineate responsibilities among regulators. Previously, Patrick Witt, Executive Director of the US Digital Assets Advisory Committee, stated that the Trump administration plans to push for the passage of the Act by July 4.