News linked to both this project and an event.
According to a report by Forbes, JPMorgan CEO Jamie Dimon stated that the U.S. crypto market structure bill—the Clarity Act—allows crypto companies to offer deposit-like interest yields on products such as stablecoins, but without corresponding protections; such arrangements “could ultimately collapse,” and he personally will not participate in them. The report notes that disagreements between banks and crypto firms over whether stablecoin accounts may offer interest-like rewards persist, and the likelihood of the Clarity Act passing this year has dropped from nearly 70% to just above 50%. Affected by this uncertainty, Bitcoin recently fell below $76,000.
According to The Block, JPMorgan analysts noted in their latest report that tokenized money market funds currently account for only about 5% of the stablecoin market size and are expected to continue growing—but unless there is a significant shift in the regulatory environment, they are unlikely to surpass a market share ceiling of 10%–15%. The analysts believe stablecoins remain the preferred cash instrument in the crypto ecosystem due to their widespread use in trading, settlement, cross-border payments, and liquidity management. In contrast, tokenized money market funds—classified as securities—are subject to structural regulatory disadvantages, including requirements for registration, disclosure, and transfer restrictions, making them difficult to circulate freely within on-chain ecosystems. Although the U.S. SEC has introduced streamlined processes for issuing on-chain money market funds, JPMorgan analysts view this as only a “marginal improvement,” insufficient to fundamentally alter the market dynamics between these two asset classes.
JPMorgan Chase has filed an application to launch a tokenized money market fund, JLTXX, on the Ethereum blockchain. Officially named the JPMorgan OnChain Liquidity-Token Money Market Fund, this fund will invest exclusively in US Treasuries and overnight repurchase agreements fully collateralized by US Treasuries or cash. It is designed to meet the eligible reserve asset requirements for stablecoin issuers under the GENIUS Act.Last year, JPMorgan launched its first tokenized money market fund, MONY, on Ethereum.
According to CoinDesk, JPMorgan Chase released a research report stating that legislative negotiations for the U.S. CLARITY Act are nearing completion, with contentious issues reduced from over a dozen to just “two or three remaining items.” Discussions regarding stablecoin rewards have also entered a constructive phase. The bill aims to clarify the regulatory framework for digital assets, delineate responsibilities between the SEC and the CFTC, and establish compliance pathways for stablecoins and DeFi platforms. The latest proposal is expected to garner support from both the crypto industry and traditional financial institutions. However, the official text of the bill has not yet been published, nor has a vote been scheduled. Moreover, if Democrats regain control of the House of Representatives in the 2026 midterm elections, the priority for crypto-related legislation may decline, introducing uncertainty into the bill’s progress.
According to CoinDesk, Jeremy Barnum, Chief Financial Officer of JPMorgan Chase, stated during the company’s first-quarter earnings call that stablecoins—offering bank-like products without being subject to regulatory and consumer protection standards equivalent to those applied to bank deposits—could evolve into tools for “regulatory arbitrage.” He emphasized that if stablecoin issuers allow users to earn interest on reserve assets, this would create a business model similar to banking but lacking capital, liquidity, and safeguarding requirements, resulting in unfair competition. Barnum noted that JPMorgan supports the establishment of a clearer U.S. regulatory framework for digital assets and related yield-bearing products, though he stressed that consistency is more important than speed. Currently, JPMorgan is modernizing its payments business through its blockchain division, Kinexys, which has launched JPM Coin and tokenized deposits. Data shows JPMorgan’s net income for the first quarter rose 13% year-on-year to $16.49 billion.
Securitize announced the appointment of Brett Redfearn as President and a member of its Board of Directors. Redfearn previously served as Chair of Securitize’s Advisory Board and has now been elevated to this senior leadership role. He brings extensive experience in regulatory and market structure matters from his prior roles at the U.S. Securities and Exchange Commission (SEC), JPMorgan, and Coinbase. Securitize stated that Redfearn will lead the expansion of its regulated platform businesses—including compliant token issuance, trading, and fund management—and will focus on strengthening collaboration with regulators and institutional investors to support the development of a next-generation, tokenization-based financial infrastructure.