JPMorgan Backs Clarity Act While Warning Repeatedly About Stablecoin "Shadow Banking" Risk

JPMorgan Backs US Crypto Bill, But Puts Warning Label Front & Center As Senate Eyes August Deadline

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JPMorgan Backs Clarity Act While Warning Repeatedly About Stablecoin "Shadow Banking" Risk

JPMorgan said Monday it supports establishing a U.S. regulatory framework for digital assets, but the bank’s messaging placed at least as much emphasis on risk as opportunity. JPMorgan payments chief Umar Farooq and CEO of the bank’s digital assets and blockchain unit Peter Muriungi said a clear crypto framework could help the industry mature, but only if it closes regulatory gaps rather than creating new ones. Farooq and Muriungi said the econo…

JPMorgan urges strong safeguards as congress weighs crypto market structure rules

The bank says Congress should pair regulatory clarity with safeguards as Senate negotiates the Clarity Act.

JPMorgan Flags Loophole Risk as Senate Races CLARITY Act Toward July Vote

JPMorgan is sounding the alarm. The bank warned that rushing cryptocurrency legislation through Congress could punch serious holes in financial… Read the original on JPMorgan Flags Loophole Risk as Senate Races CLARITY Act Toward July Vote. For more crypto news and analysis, visit TheCurrencyAnalytics.com.

JPMorgan warns rushed US crypto rules could create market loopholes as Senate races toward July CLARITY Act vote

JPMorgan has warned that Congress could create new gaps in financial oversight if it moves too quickly to write new rules for the crypto industry. The warning comes as Senate leaders try to advance the Digital Asset Market Clarity Act, a broad bill that would divide federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The measure has become one of the crypto…

JPMorgan Executives Compare Yield Stablecoins to “Shadow Banking” System

JPMorgan executives, led by Umar Farooq and Peter Muriungi, published an official note demanding that yield-bearing stablecoins be banned in the United States. Through this statement, the bank’s digital asset and payment leaders called on Congress to establish a comprehensive regulatory framework that excludes these reward options, arguing significant risks of consumer confusion. This radical stance seeks to protect traditional financial stabili…