Jamie Dimon Says Interest-Paying Stablecoin Issuers Should Be Regulated Like Banks

The United States signed the GENIUS Act into law on July 18, 2025, requiring payment stablecoins to be fully backed by highly liquid assets and prohibiting issuers from paying interest directly. It remains unclear, however, whether rewards offered by trading platforms or affiliates amount to indirect interest. The CLARITY Act has therefore become the main battleground between banks and Coinbase over deposits and regulatory parity.

On May 29, 2026, JPMorgan Chase CEO Jamie Dimon said that if the CLARITY Act allows stablecoin balances to earn interest, providers should face the same capital, liquidity, anti-money-laundering and deposit-insurance requirements as banks. He said the banking industry “will not accept” the current draft. Banking groups estimate that the relevant loophole could reduce community-bank lending by $850 billion.