Recently, what justified JPMorgan Chase in freezing the accounts of two stablecoin payment companies? The story begins with U.S. sanctions against Venezuela.

According to the latest reports, these two companies are called Blindpay and Kontigo, and they are supported by the well-known startup accelerator Y Combinator. Both are engaged in stablecoin payment services. They originally had business dealings with U.S. payment company Checkbook and JPMorgan Chase, but once the banks discovered that these companies might be involved in transactions with sanctioned regions, they acted immediately.

JPMorgan Chase later clarified that this was not an attack on stablecoins or crypto companies. They also emphasized, "We provide banking services to stablecoin issuers and related businesses, and recently we have helped stablecoin issuers go public." It sounds diplomatic, but in reality, the pressure faced by banks is very real—the regulatory requirements from the U.S. SEC and the Treasury are clear. Banks must know their customers, where the money comes from, and where it flows. Crossing certain lines could lead to trouble.

This reveals an awkward reality: there has always been a tense relationship between traditional financial systems and crypto enterprises. Banks, in order to mitigate compliance risks, must adopt conservative measures; meanwhile, crypto companies find themselves constrained. This situation is unlikely to change in the short term, as regulatory oversight remains tight.