JPMorgan is considering issuing loans secured by cryptocurrency.

JPMorgan is exploring the possibility of lending to clients secured by cryptocurrency assets, according to the Financial Times citing sources. The bank may launch a corresponding program secured by bitcoin or Ethereum as early as next year, however, the newspaper's sources warned that plans may change. JPMorgan declined to comment.

FT notes that the bank's head, Jamie Dimon, has changed his rhetoric regarding cryptocurrency. Eight years ago, for example, he predicted Bitcoin's failure, calling it a "fraudulent instrument" used by drug dealers and murderers. Such an attitude deterred some clients, the publication writes.

Subsequently, Dimon began to speak about cryptocurrencies in a different tone. "I don't think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoins. Go ahead," he said in May.

The discussion of such an initiative by banks in itself highlights the changing attitude of the financial industry towards interaction with crypto assets, explains FT. In July, the Genius Act was passed in the U.S., which regulates payments made using stablecoins.

The newspaper reminded that earlier JPMorgan announced its readiness to lend to clients against the bail-in of their assets in cryptocurrency ETFs. The publication notes that the decision to lend against real crypto assets would be logical, especially considering that the bank's competitors have not yet offered such an opportunity to their clients. The main problem for financial organizations in interacting with cryptocurrency remains their concern about its use in criminal activities, particularly in money laundering.