While shouting that tokenization is the future, they are also throwing a fit over the interest payment terms of stablecoins. Traditional finance wants it all—it's just too real.

Dimon states in the shareholder letter that blockchain, stablecoins, smart contracts, and tokenization could change financial services, and banks need to continue in-house research and development with a customer-centric approach. He expresses concern over proposed stablecoin legislation, especially the provisions allowing issuers to offer deposit-like yield products, and banks will oppose paying interest without banking protections. In the interview, he also criticized Coinbase's Armstrong for promoting favorable policies in Washington. Negotiations on the "Clear Act" are still ongoing, with legislators discussing issues such as stablecoins, reserves, consumer protection, and yield-bearing digital assets.