JPMorgan’s top executives discussed with the Securities and Exchange Commission (SEC) the opportunities and risks associated with moving capital markets to blockchain technology.
Discussion with SEC on Blockchain Impact
JPMorgan executives met with the SEC's crypto task force to discuss the 'potential impact of existing capital markets activity migrating to public blockchain.' They explored what changes might occur in the current model and how to assess those risks and benefits.
Participants from JPMorgan
The JPMorgan delegation included Scott Lucas, Justin Cohen, and Aaron Iovine. Lucas is the firm’s head of markets for digital assets, Cohen is the global head of equity derivatives development, and Iovine is the executive director and global head of digital asset regulatory policy.
JPMD Deposit Token Pilot Program
As part of the meeting, JPMorgan announced a pilot program for the JPMD deposit token, built on Coinbase’s blockchain. Institutional clients will be able to use JPMD for transactions once the pilot concludes. The firm also filed a trademark application for JPMD related to various crypto services.
The meeting between JPMorgan and SEC highlights the company's efforts to integrate blockchain technologies into financial services and their potential impact on the market.
