BREAKING: Senate Greenlights GENIUS Act as JPMorgan & SEC Clash Over Onchain Markets
Wall Street meets blockchain in a high-stakes regulatory showdown.
The Senate just fast-tracked the GENIUS Act—while Jamie Dimon''s team was literally in the room with SEC brass. Coincidence? Probably not.
Onchain markets are about to get interesting...
JPMorgan''s ''blockchain, not crypto'' dance continues—but those repo transactions aren''t going to settle themselves. Somewhere in Midtown, a banker just ordered a fourth espresso.
JPMorgan SEC meeting memo – Source: SEC.gov
How JPMorgan and the SEC Shape Stablecoin Security
GENIUS Act Stablecoin Framework Passes Senate
The GENIUS Act stablecoin bill received decisive approval as eighteen Democrats joined Republicans in supporting federal crypto regulation. The legislation creates the first comprehensive framework for stablecoin issuers, and it allows private companies to create digital dollars backed by traditional assets right now.
Senator Elizabeth Warren said:
Warren voted against the final GENIUS Act stablecoin version, citing inadequate regulatory safeguards despite bipartisan momentum for federal crypto regulation at the time of writing.
JPMorgan Drives Onchain Markets Discussion
JPMorgan executives Scott Lucas, Justin Cohen, and also Aaron Iovine met with the SEC’s Crypto Task Force to discuss capital markets migrating to blockchain infrastructure. The discussions focused on assessing risks and benefits as financial institutions pursue onchain markets for faster transactions and also tokenized revenue streams.
The bank’s existing digital platform handles repurchase agreements underservices, and it demonstrates JPMorgan’s established presence in cryptocurrency markets. These onchain markets discussions align with the GENIUS Act stablecoin framework’s broader federal crypto regulation objectives right now.
Political Momentum for Federal Crypto Regulation
Seth Hertline is actually convinced about the fact that:
The crypto industry invested over $131 million in political campaigns, driving support for the GENIUS Act stablecoin legislation and also broader federal crypto regulation initiatives. The bill now advances to the House, which is working on companion STABLE Act legislation for comprehensive onchain markets oversight at the time of writing.
