After extensive negotiations, JPMorgan Chase is set to take over the Apple credit card program from Goldman Sachs, which involves approximately $20 billion in balances. Disputes over financial protections and profitability have delayed the agreement, with both banks considering walking away from the deal.

The finance industry is facing a crisis of trust characterized by aggressive pricing and risk-taking, as exemplified by JP Morgan's decision to impose fees for open banking access. This move has sparked controversy amid a backdrop of high inflation and a multi-polar world, highlighting the tensions between traditional banks and fintech companies. The article discusses the implications of these developments, including a record IPO for a crypto-holding company, and raises questions about the future of financial regulation and consumer trust in the industry.

JPMorgan has launched a pilot for a permissioned USD deposit token, JPMD, on Coinbase's Base blockchain, allowing institutional clients to conduct on-chain transactions. This initiative marks the first use of JPMorgan's Kinexys distributed ledger technology on a public blockchain and aims to provide services similar to stablecoins, amid increasing interest in digital asset solutions.