Breaking news! JPMorgan: Considering providing Crypto Assets trading services to institutional clients.

According to a report by Bloomberg citing informed sources, JPMorgan's market department is preparing a trading product line that includes digital asset Spot and derivation, considering providing Crypto Assets trading services to institutional clients. Behind this turnaround in attitude are the regulatory dividends released by the Trump administration's Crypto Assets-friendly policies and the dual push of surging demand from institutional clients.

The Dramatic Turn from Public Criticism to Quiet Layout

Dimon's attitude towards Crypto Assets has undergone what can be termed Wall Street's biggest policy U-turn. During a congressional hearing in 2023, he unabashedly stated that cryptocurrencies like Bitcoin are only suitable for illegal activities. However, in an interview in July 2025, the same Dimon declared himself a “believer in stablecoins” and recognized the advantages of blockchain technology. This 180-degree turn is not a change in personal belief but a pragmatic response to market realities.

JPMorgan's Crypto Assets trading plan is still in the early development stage, and specific details have not been made public. However, industry insiders speculate that the service may include Spot trading of mainstream digital assets such as Bitcoin and Ethereum, as well as derivation tools like futures and options. Unlike cryptocurrency exchanges aimed at retail investors, JPMorgan's target customers are institutional investors, which implies higher trading thresholds, stricter KYC requirements, and deeper liquidity support.

The catalyst for this shift in attitude is the Trump administration. Since taking office in January 2025, the Trump administration has enacted several policies favorable to the Crypto Assets industry, the most iconic of which is the signing of the GENIUS Act. This stablecoin payment legislation provides a clear regulatory framework for USD stablecoins, requiring issuers to hold reserves and submit to federal oversight. For traditional financial giants like JPMorgan, regulatory clarity is the biggest barrier to entering the Crypto Assets market, and the Trump administration is systematically removing these obstacles.

Institutional demand surges, forcing Wall Street giants to pivot

(Source: Bloomberg)

The fundamental reason for JPMorgan's layout in cryptocurrency trading is the explosive growth of demand from institutional clients. With the approval of the Bitcoin Spot ETF in January 2024 and the launch of the Ethereum Spot ETF in July of the same year, the acceptance of digital assets by traditional institutional investors has greatly increased. Hedge funds, family offices, pension funds, and other institutional clients are no longer satisfied with trading through third-party cryptocurrency exchanges; they need regulated, highly compliant, and deep liquidity bank-grade services.

The competitive pressure facing JPMorgan is intensifying. French bank BPCE is ready to launch cryptocurrency trading services to retail customers, becoming one of the few banks in the EU to offer digital asset services. Another global banking giant, BNY Mellon, announced in November 2024 that it has launched a money market fund specifically for holding reserves of U.S. stablecoin issuers. These moves indicate that traditional banking is collectively entering the cryptocurrency space, and JPMorgan risks losing market share if it does not follow suit.

A deeper logic is the pressure of income structure transformation. Traditional investment banking businesses are under multiple pressures from interest rate fluctuations, shrinking trading volumes, and rising regulatory costs, while cryptocurrency trading, with its high volatility and high transaction fees, provides banks with new revenue growth points. It is estimated that the transaction fee rates for institutional-level cryptocurrency trading can reach 0.1% to 0.5%, far exceeding the 0.01% to 0.05% for traditional stock and bond trading. For trading giants like JPMorgan, capturing just 10% of the institutional cryptocurrency trading market could bring hundreds of millions of dollars in annual revenue.

Speculation on JPMorgan's Crypto Assets Product Line

Spot trading

· Custody and trading of mainstream coins such as Bitcoin and Ethereum.

· 24/7 all-weather trading support

· Institutional-level liquidity and deep order book

derivation tools

· Bitcoin and Ethereum derivation contracts

· Options products and structured notes

· Delta Neutral Arbitrage and Hedging Solutions

Stablecoin Services

· Clearing and settlement of stablecoins such as USDC and USDT

· Cross-border payment solution based on JPM Coin

· Stablecoin Reserve Custody Services

blockchain infrastructure

· Smart contract execution based on the Onyx platform

· Tokenization of assets issuance and trading

· Institutional-level interface for DeFi protocols

JPMorgan Chase did not start from scratch. The bank launched JPM Coin in 2019, a digital currency for instant payments between institutions. Additionally, JPMorgan's blockchain platform Onyx has processed over 1 trillion dollars in transaction volume. These existing infrastructures provide a technical foundation for its entry into the Crypto Assets trading market.

Radical Transformation with Controversies and Risks

JPMorgan's layout in Crypto Assets has not been smooth sailing. In November 2024, Strike CEO Jack Mallers publicly accused JPMorgan of closing his account without any explanation. This incident triggered the “Choke Point 2.0” alarm, with cryptocurrency supporters like Senator Lummis condemning traditional banks for their discriminatory treatment of digital asset businesses. In December, Dimon responded that the company would not terminate customer bank accounts based on religious or political beliefs, but this defense failed to quell external doubts about JPMorgan's double standards.

The deeper risk lies in the ongoing uncertainty of regulation. Although the Trump administration has shown a friendly attitude towards Crypto Assets, the comprehensive legislative framework for digital assets in the U.S. Congress is still not complete. The struggle between the SEC and CFTC over the regulatory authority of Crypto Assets has yet to be settled. If the policy direction reverses in the future, JPMorgan may face huge compliance costs or even regulatory penalties.

In addition, the risk to reputation cannot be ignored. Dimon’s shift from fierce criticism to embracing Crypto Assets has raised questions about his consistency in the market. If the Crypto Assets trading services launched by JPMorgan encounter security vulnerabilities, result in client asset losses, or involve money laundering cases, it will cause immeasurable damage to the brand of this century-old bank.

Nevertheless, JPMorgan's decision is still of symbolic significance. When Wall Street's largest digital asset skeptic begins to lay out plans for Crypto Assets trading, this itself is the strongest endorsement of the legitimacy and long-term value of the entire industry. Institutional investors will see clearer signals from this: digital assets are no longer marginalized speculative tools, but are becoming an organic component of the mainstream financial system.