JP Morgan To Add Bitcoin Buying Options
May 20, 2025—The Senate is debating a bill to regulate the stablecoins—a token used to purchase cryptocurrencies. Passage of the bill would mark a significant legislative victory for the cryptocurrency industry. Crypto is now quickly emerging from its reputation as a volatile and speculative venture into one that carries legitimacy.
The GENIUS Act
S. 1582, the GENIUS Act, would establish a comprehensive federal regulatory framework for the industry. It would provide some consumer protection and regulatory clarity. Specifically, it would:
- Require stablecoin issuers to maintain reserves in U.S. dollars, demand deposits, or short-term Treasury securities.
- Provide a federal regulatory framework in place that includes the Federal Reserve and the Office of the Comptroller of the Currency based on market capitalization.
- Forbids misleading marketing practices and suggests the U.S. government back stablecoins with FDIC-insurance.
- Categorize stablecoins as financial institutions under the Bank Secrecy Act, requiring issuers to comply with Anti-Money Laundering laws.
- Prohibit algorithmic stablecoins.
The bill cleared a procedural hurdle Monday on a 66-32 vote.
It comes at a time of growing concern about the use of cryptocurrency offerings, including and especially by President Donald Trump and his family, to collect political donations outside regulatory oversight. Cryptocurrencies have gain traction despite the warnings about them.
Wall Street Is Hands-On Crypto
The Senate action comes at a time when more traditional Wall Street firms are adding cryptocurrency as investment options for their clients. Today, JP Morgan’s Jamie Dimon announced plans to facilitate clients’ purchases of Bitcoin. Dimon, however, said he still views cryptocurrency as dangerous.
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said bank’s annual investor day on Monday. “I defend your right to buy bitcoin.”
BlackRock and Fidelity are already engaged in the crypto market. BlackRock entered the market in 2022 when partnered with Coinbase to provide institutional clients access to Bitcoin. In 2023 it launched and ETF. In 2024, it created iShares Bitcoin Trust (IBIT) now worth $50 billion and a BlackRock USD Institutional Digital Liquidity Fund.
Fidelity started in 2018 with the launch of Digital Asset Services, a subsidiary providing institutional clients with custody and trade execution services for digital assets.
