I felt it was incredibly self-serving to make the token JPMC only. An arcade is only as good as the games inside. If your token only works at JPMC, that’s a pretty weak banking arcade.
JPMC still controls who is allowed to exchange tokens. Which means that you still have to transact through JPMC to exchange tokens as JPMC controls the blockchain.
If somehow they don’t retain majority control of the blockchain, then you technically don’t have to transact through JPMC but I don’t see that happening.