CMC News

#JPMorgan Executives Meet #SEC Crypto Task Force on Blockchain Migration

Three JPMorgan Chase executives have discussed the potential impact of capital markets activity moving to public blockchain networks.

The meeting covered which existing market areas might change, and how firms can assess the risks and benefits of #blockchain adoption.

Scott Lucas, Justin Cohen, and Aaron Iovine represented JPMorgan in discussions with the SEC's Crypto Task Force.

The bank outlined its current digital platform handling repurchase agreements through "Digital Financing" and "Digital Debt Services."

JPMorgan assessed competitive advantages as financial institutions race toward blockchain for faster, cheaper transactions.

The meeting coincided with JPMorgan's announcement of a deposit #token pilot program, launching JPMD on Coinbase's Base network.

Coinbase's institutional clients will use JPMD for transactions once the multi-month pilot concludes.

JPMorgan executive Naveen Mallela called deposit tokens a "superior alternative to #stablecoins" for institutions due to fractional reserve backing.