🚨🇺🇸JPMorgan urges strong safeguards as Congress weighs crypto market structure rules

Most people are going to read this as JPMorgan finally embracing crypto, and I think that misses what is actually happening in the post.
What JPMorgan is really doing is fighting over one specific thing, and it is not whether tokenization is useful. They already concede that. What they are fighting over is whether stablecoins are allowed to pay yield, because yield is the only real reason anyone would move money out of a checking account paying nothing into a stablecoin instead.
Take the yield away, and a stablecoin stops competing with a bank account and starts being just a faster way to move money, which is exactly the outcome JPMorgan wants and exactly why Dimon said the banks will fight this down to the wire.
So the headline people are running with, that Wall Street is welcoming crypto into the system, has it backwards. What is actually happening is that the banks are negotiating the terms under which they let crypto in just far enough that it cannot take their deposits with it.