According to PandoraTech News, as the US digital asset regulatory stance undergoes a key shift, major Wall Street banks are reassessing their role in the crypto market. Sources familiar with the matter revealed that JPMorgan Chase has initiated an internal review to examine whether to offer cryptocurrency-related trading services to institutional clients.

The report indicates that the assessment was led by JPMorgan Chase's Markets Division, and the scope of the research may cover cryptocurrency spot trading and derivatives. However, all ideas are still in the very early stages, and no specific product plans have been publicly disclosed.

Whether the service will be officially launched depends on several conditions, including:

• Do institutional clients demonstrate sufficiently clear needs?
• Assessment results of potential risks and business returns
• Compliance and operational feasibility under the existing regulatory framework

A JPMorgan Chase spokesperson declined to comment on the rumors.

A shift in the policy environment, with US regulation becoming a key driving force.

Sources familiar with the matter indicate that JPMorgan Chase's reassessment of its crypto business is highly relevant to recent changes in the US policy environment. Since Trump's return to the White House, his administration has appointed regulatory officials with a more favorable stance towards the crypto industry and has pushed for a new legislative framework for stablecoins.

Meanwhile, the U.S. Office of the Comptroller of the Currency (OCC) issued new guidance this month, explicitly stating that U.S. banks can act as intermediaries in cryptocurrency transactions, provided they comply with regulations. This guidance is seen by the market as a formal loosening of the long-standing institutional restrictions that have prevented banks from directly participating in the cryptocurrency market.

Wall Street's softening stance and JPMorgan Chase's change of attitude are symbolic.

Despite JPMorgan Chase's continuous investment in blockchain infrastructure and technology research and development over the years, if it officially provides crypto trading services to institutional clients in the future, it will still be seen as an important symbol of a shift in Wall Street's attitude.

JPMorgan Chase CEO Jamie Dimon has a history of public criticism of Bitcoin. However, his recent statements have clearly shifted towards a more pragmatic approach. At an investor conference in May, Dimon stated that he personally does not believe investors should buy Bitcoin, but he would "defend investors' right to buy Bitcoin," using the analogy of "discouraging smoking, but defending the right to smoke." This statement has been interpreted by the market as a weakening of high-level aversion to crypto assets.

Existing plans continue to advance, and crypto assets are gradually being integrated into the financial system.

At the practical business level, JPMorgan Chase has been gradually deepening its application scenarios related to crypto. Recently, the bank assisted Galaxy Digital Holdings LP in completing the issuance, delivery, and settlement of short-term bonds on the Solana blockchain, demonstrating its on-chain financial capabilities.

Furthermore, JPMorgan Chase plans to allow institutional clients to use their Bitcoin and Ethereum holdings as collateral for loan applications in the future. This indicates that the bank is attempting to systematically integrate crypto assets into its traditional financial services and risk management framework.

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The key point about JPMorgan Chase's moves is not whether it is "bullish on cryptocurrencies," but rather that with significantly reduced regulatory risks, banks can finally view crypto assets as manageable financial products. This policy shift equates to opening up more room for banks to participate, rather than changing their risk appetite.

For JPMorgan Chase, this is a "passive but rational follow-up": institutional client demand is emerging, and complete absence could lead to lost business. Rather than having clients migrate to crypto-native platforms, it's better to keep trading, custody, and risk control within the familiar banking system.

This also indicates that the focus of competition in the next stage will no longer be "whether banks should touch crypto," but rather who can be the first to integrate crypto assets into mainstream financial product lines while adhering to compliance. Once JPMorgan Chase enters the market, other global banks will likely find it difficult to continue to wait and see.

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