Analysis: The approval granted to banks such as JPMorgan Chase to offer crypto transaction services may reshape the competitive landscape of the market.

According to Odaily Planet Daily, the U.S. Office of the Comptroller of the Currency (OCC) recently issued an explanatory letter confirming that national banks can participate in "risk-free principal" cryptocurrency trading. This allows banks to act as agents for cryptocurrency transactions without holding inventory or assuming market risk. This regulatory shift will have a significant impact on the cryptocurrency market. Currently, JPMorgan Chase is exploring providing cryptocurrency trading services to institutional investors, marking a move from the experimental stage to the implementation stage for Wall Street banks in the cryptocurrency space. Leveraging its regulatory legitimacy and customer trust, JPMorgan Chase is expected to absorb a significant portion of retail order flow, particularly posing competitive pressure on independent cryptocurrency exchanges without banking licenses. (CoinDesk)