Consumer complaint received 2026-02-08 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: JPMORGAN CHASE & CO.
State: DC

Complaint narrative:
I am filing this formal complaint against JPMorgan Chase XXXX XXXX for engaging in anticompetitive practices, including lobbying and public advocacy that obstruct the passage of the Digital Asset Market Clarity Act of 2025 ( XXXX XXXX XXXX XXXX  ), hindering financial innovation in digital assets, and opposing XXXX XXXX 's pro-crypto agenda. These actions violate federal antitrust laws by suppressing competition from stablecoins and crypto products, harming consumers through reduced access to higher-yield financial options and perpetuating banking monopolies. I request a CFPB investigation, coordination with the DOJ Antitrust Division, and penalties to safeguard consumer interests and promote innovation. 

Detailed Description of the Issue : The CLARITY Act seeks to establish a regulatory framework for digital assets, clarifying oversight between the SEC and CFTC, defining digital commodities, and enabling innovation while protecting investors. Passed by the House on XX/XX/year>, it has stalled in the XXXX due to opposition from traditional banks, including JPMorgan Chase. 

JPMorgan, led by XXXX XXXX XXXX, has actively opposed provisions allowing yields or rewards on stablecoins, viewing them as a threat to bank deposits. XXXX has publicly clashed with XXXX XXXX XXXX XXXX, accusing him of misleading arguments and calling stablecoin yields a " parallel banking system '' without regulation. In earnings calls and public statements, XXXX has warned that yield-bearing stablecoins could erode bank deposits by trillions, impairing lending capabilities. 

This opposition aligns with JPMorgan 's lobbying efforts, spending {>= $1,000,000} in XXXX XXXX  on issues including digital assets and the XXXX XXXX. The bank participated in XXXX House meetings and industry discussions to push for bans on stablecoin yields, effectively blocking competition from XXXX innovators. 

These actions contradict XXXX XXXX 's crypto agenda, which aims to make the XXXX the " crypto capital of the world '' through supportive legislation like the XXXX XXXX. XXXX has urged XXXX to pass such bills, and his administration convened meetings to resolve stalemates, yet JPMorgan 's resistance persists, prioritizing its market dominance over national innovation goals. 

By suppressing crypto competition, JPMorgan harms consumers : banks offer low yields ( e.g., 0.07 % on savings ) while profiting from higher-return investments. Stablecoins could provide up to 4 % yields, but JPMorgan 's efforts maintain artificially low returns, higher fees, and limited choices, exacerbating financial inequality. 

Legal Violations and Supporting Facts : XXXX. Violation of the XXXX XXXX XXXX ( XXXX XXXX. XXXX ) : - Section XXXX : JPMorgan 's XXXX lobbying with banking groups constitutes a conspiracy to restrain trade by blocking stablecoin competition. 
- Section XXXX : Actions monopolize deposit markets, denying consumers fintech alternatives. 
- Evidence includes XXXX 's public statements and lobbying disclosures showing efforts to influence XXXX XXXX outcomes against yields. 

XXXX. Violation of the XXXX XXXX XXXX ( 15 U.S.C. 12-27 ) : - Prohibits practices lessening competition ; JPMorgan 's XXXX creates barriers for crypto entrants, as crypto firms accuse banks of protectionism.

3. Consumer Harm Under CFPB Authority ( 12 U.S.C. 5531 ) : - Unfair, deceptive, or abusive acts ( UDAAP ) : Indirectly enables overcharging via suppressed innovation ; consumers miss trillions in better yields. 
- Opposes XXXX 's agenda for XXXX XXXX leadership, harming public interest in innovation. 

Evidence and Sources : - XXXX on JPMorgan 's debates : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX

Company response to consumer: Closed with explanation