JPMorgan and Peers Explore Stablecoin as Senate Debates Trump’s Crypto Ties

Major US banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are reportedly exploring the development of a joint stablecoin. This move follows the US Senate advancing the GENIUS Act, a sweeping bill aimed at regulating stablecoins. The initiative comes as the Senate weighs in on President Trump’s potential involvement with stablecoin ventures, raising ethical concerns. The legislation would provide comprehensive federal oversight for stablecoins but could face further political battles regarding its impact on presidential profitability. [More details about stablecoin regulations are expected to emerge].