JPMorgan is reportedly weighing cryptocurrency trading for institutional clients as regulatory clarity and demand push Wall Street closer to digital assets, signaling a broader thaw between traditional banking and crypto markets.
JPMorgan Explores Crypto Trading as Wall Street Warms to Digital Assets
Global banks are gradually reassessing their relationship with digital assets as client demand and regulatory conditions evolve. JPMorgan Chase & Co. is weighing potential cryptocurrency trading services for institutional clients, according to a report by Bloomberg on Dec. 22, reflecting shifting attitudes within traditional finance. The deliberations underscore how mainstream adoption continues to broaden.
The report details that the Wall Street firm is evaluating whether its markets division could expand into spot and derivatives crypto trading, based on information from a person familiar with the internal discussions. The exploration responds to heightened institutional interest following changes in the U.S. regulatory environment, including clearer guidance that may permit banks to act as intermediaries in crypto transactions.
Any eventual rollout would hinge on product-specific demand, internal risk analysis, and regulatory feasibility, with planning still described as preliminary. A JPMorgan spokesperson declined to comment, while broader industry developments illustrate a warming stance across global banking as regulatory barriers begin to ease.
JPMorgan CEO Jamie Dimon has maintained an adversarial public stance on bitcoin, famously labeling it a “fraud” in 2017 and threatening to fire any trader caught dealing in it. Over the years, he has doubled down on this skepticism, comparing the asset to “tulip bulbs” and repeatedly referring to it as a “pet rock” that “does nothing.” During testimony before the U.S. Congress, Dimon further characterized decentralized tokens as “decentralized Ponzi schemes” and has personally expressed the view that bitcoin is “worthless.”
However, his rhetoric has shifted as JPMorgan has integrated digital assets into its operations. By late 2025, Dimon drew a clearer distinction between the underlying technology and the assets themselves, saying, “ blockchain is real, stablecoins are real.” While he continues to advise individuals against participating, he has taken a more pragmatic stance in response to client demand, adding: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”
Beyond its potential expansion into direct crypto trading, JPMorgan has scaled its blockchain activities through live financial instruments on public networks. A primary example is the bank’s December 2025 arrangement of a $50 million short-term bond for Galaxy Digital on the Solana blockchain—the first of its kind to use USDC for both issuance and redemption. Furthermore, the firm is reshaping institutional liquidity by allowing clients to use bitcoin and ether holdings as loan collateral, bypassing the need for forced liquidations. These efforts are anchored by Kinexys, the bank’s rebranded digital asset division, which recently launched the “MONY” tokenized money market fund on Ethereum and integrated programmable JPMD deposit tokens on the Base network to facilitate 24/7 institutional settlement.
