JP Morgan U-turn: Now Allows Clients to Buy Bitcoin
JP Morgan, led by Jamie Dimon, has announced a shift in its stance on Bitcoin. The bank will now allow clients to purchase the cryptocurrency, marking a significant change from Dimon's previous skepticism. This move comes amidst the repeal of accounting rule SAB 121, which has given banks more freedom to engage with digital assets.
Dimon, who once referred to Bitcoin as 'the pet rock', has now acknowledged the growing demand for cryptocurrencies. The bank will not directly custody Bitcoin but will include it in clients' statements. This change follows the U.S. Federal Reserve ending its special oversight program for banks' crypto activities in 2023, allowing more flexibility in the sector. JP Morgan is also exploring offering clients access to Bitcoin ETFs, further expanding its services in the crypto space.
Despite his previous concerns about money laundering and illicit activities, Dimon has recognized the need for JP Morgan to provide related services. The bank is now prepared to accept crypto assets as collateral for private transactions, easing restrictions on banking participation in the crypto sector.
JP Morgan's decision to allow clients to purchase Bitcoin signals a significant shift in the bank's approach to cryptocurrencies. This move, facilitated by regulatory changes, reflects the growing influence and demand for digital assets in the financial landscape.
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