Today in crypto, Coinbase and JPMorgan Chase have partnered to bring crypto purchases, stablecoin rewards and direct bank integrations to Chase customers, the co-founders of Samourai Wallet will change their not guilty pleas to US charges, and the US Securities and Exchange Commission (SEC) approved in-kind transactions for crypto exchange-traded products (ETPs).
JPMorgan to allow crypto purchases with Coinbase
JPMorgan Chase has partnered with crypto exchange Coinbase to introduce crypto integrations to its customers, a step in bridging traditional finance with digital assets.
Coinbase announced Wednesday that Chase credit card holders can use their cards to buy crypto on Coinbase starting this fall. In addition, Coinbase said JPMorgan’s customers will also be able to redeem their Chase Ultimate Rewards Points for USDC (USDC) in 2026.
Coinbase said this will be the first major rewards program redeemable for crypto. “For the first time, points from a major credit card rewards program will be redeemable for crypto rewards,” Coinbase said.
Coinbase also said Chase card users can link their accounts to Coinbase directly. The exchange said this feature, scheduled for 2026, will give users easier ways to buy crypto.
The new integration follows a broader push by JPMorgan into digital assets.
On July 16, JPMorgan CEO Jamie Dimon revealed in an earnings call that the company had plans to be involved in stablecoins. The move was driven by competition with other fintech companies that are trying to replicate traditional financial systems.
“We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it and be good at it,” Dimon said.
Samourai Wallet co-founders to now plead guilty to US charges
Samourai Wallet co-founders Keonne Rodriguez and William Lonergan Hill indicated on Tuesday that they will change their not guilty plea to US charges stemming from their involvement in the crypto mixing protocol.
Filings in a New York federal court show Rodriguez and Hill would change their pleas before the court on Wednesday morning. The two had pleaded not guilty and attempted to dismiss charges tied to Samourai Wallet, which prosecutors alleged was an unlicensed money-transmitting business that processed over $2 billion worth of unlawful transactions.
Rodriguez, Samourai’s CEO, and Hill, its chief technology officer, were charged with conspiracy to commit money laundering, which carries a maximum prison sentence of 20 years.
The pair were also charged with operating an unlicensed money-transmitting business, which carries a sentence of five years, meaning they could face a maximum of up to 25 years behind bars.
SEC approves in-kind creations and redemptions for crypto ETPs
The SEC has approved in-kind creation and redemption for cryptocurrency ETPs, giving authorized representatives the ability to exchange shares directly for the underlying crypto assets instead of cash.
In a Tuesday announcement, the securities regulator stated that approved Bitcoin (BTC) and Ether (ETH) funds will be permitted to create and redeem shares on an in-kind basis.
“It’s a new day at the SEC, and a key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets,” SEC Chairman Paul Atkins said in a statement.
Atkins said the new rules will make crypto ETPs “less costly and more efficient.”
“In-kind creation and redemption provide flexibility and cost savings to ETP issuers, authorized participants, and investors, resulting in a more efficient market,” said Jamie Selway, director of the Division of Trading and Markets at the SEC.
In the context of the already approved spot crypto exchange-traded funds (ETFs), in-kind redemptions allow investors to receive the underlying assets, such as Bitcoin or Ether, instead of cash when redeeming shares.
This method is generally considered more efficient, as it enables the fund’s authorized participants to avoid selling the assets on the market, potentially reducing transaction costs.
