Executives from the largest bank in the United States recently met with the SEC's cryptocurrency working group to discuss the regulatory framework for digital assets and the potential impact of capital markets migrating to blockchain.
According to the meeting minutes released by the SEC on Tuesday, JPMorgan executives engaged in in-depth discussions with regulators about "the potential impact of existing capital market activities migrating to public blockchains"—including which areas of the current model may undergo transformation and how financial institutions should assess the risks and benefits associated with these changes.
The meeting also covered JPMorgan's existing "business layout" in the cryptocurrency space, particularly its digital platform for handling repurchase agreements—a short-term lending mechanism in financial markets that falls under the bank's "digital financing" and "digital debt services" business categories.
JPMorgan executives also explored how to create a "competitive advantage" in specific areas—while financial institutions are increasingly turning to blockchain for faster, lower-cost transactions, they aim to open new revenue channels through tokenized assets and maintain market leadership.
Scott Lucas, Justin Cohen, and Aaron Iovine are the three JPMorgan executives who met with the SEC's cryptocurrency team.
Lucas serves as the head of the company's digital asset markets, while Cohen is the global head of equity derivatives development; both are managing directors at the firm.
Iovine holds the position of executive director and is responsible for JPMorgan's global digital asset regulatory policy matters.
The meeting between JPMorgan and the SEC coincided with the bank's announcement on Tuesday of a pilot program for tokenized deposits, issuing the deposit token JPMD on Coinbase's blockchain Base.
It is reported that once the pilot is completed (expected to last several months), Coinbase's institutional clients will be able to use JPMD for various transactions.
The day before, JPMorgan had submitted a trademark application for JPMD—covering a range of cryptocurrency-related services, including digital asset trading, transfers, and payment processing.
The JPMD trademark application has sparked market speculation that JPMorgan may collaborate with other large banks to issue a stablecoin. In response, Naveen Mallela, an executive from JPMorgan's blockchain division Kinexys, pointed out in an interview with Bloomberg that for institutional clients, tokenized deposits are actually a "superior alternative to stablecoins," emphasizing that its partially backed reserve mechanism provides greater scalability.
Mallela noted that deposit tokens represent dollar deposits in clients' bank accounts, making them more deeply integrated into the traditional banking system compared to stablecoins, which are merely backed by cash and cash equivalents.
Related: JPMorgan advances JPMD pilot on Base network, claims deposit tokens are superior to stablecoins
Original article: “JPMorgan Meets with SEC to Discuss On-Chain Issues in Capital Markets”
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