JPMorgan Chase & Co.’s announcement last week that it has developed and tested its own digital coin, called JPM Coin, is a huge fintech development, said Andrew “Drew” Hinkes, general counsel, chief legal officer and partner of Athena Blockchain, an advisory firm that helps companies issue securities in token form.

It’s the first move by a U.S. bank—the nation’s largest at more than $2.6 trillion in assets—and is likely to make a significant impact on banking, cryptocurrency and the economy, he said.