Decentralized finance, in theory at least, undermines their power to determine the rules of the game: the decentralized nature of DeFi potentially dimishes the ability of financial lobbyists and the revolving door to influence regulation and policy. It also enables the lightning-fast rise of what would be serious competitors for JPM's customers. That's why I think that, if DeFi were to actually get big enough, companies like JPM would for a change start crying for MORE regulation. All in the name of protecting easily-swindled retail investors, of course.