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JPMorgan Warns Yield-Bearing Stablecoins Could Create 'Shadow Banking' Risks As CLARITY Act Heads To Senate Floor
As Congress moves closer to establishing a regulatory framework for digital assets, JPMorgan executives are urging lawmakers not to confuse regulatory clarity with financial stability. In a policy post published Monday, senior executives at the bank warned that yield-bearing stablecoins offering bank-like returns without comparable capital, liquidity and consumer-protection requirements could create "shadow banking" risks, adding a new voice to the debate ahead of the Senate's expected consideration of the CLARITY Act in July. The post, written by Umar Farooq, the Global Co-Head of J.P. Morgan Payments, and Peter ... (full story)
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From moneycheck.com | 15 hr ago
JPMorgan Chase has supported a clearer U.S. framework for digital assets while warning that stablecoin issuers and decentralized platforms should not receive lighter treatment than regulated financial firms. In a Monday statement, Umar Farooq and Peter Muriungi said blockchain technology should not alter the way authorities judge the economic purpose of a ...
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