JPMorgan backs U.S. crypto bill but warns of risks in digital asset framework
The bank says Congress should pair regulatory clarity with safeguards as Senate negotiates the Clarity Act.
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Summary
- JPMorgan is backing U.S. legislation to create a regulatory framework for digital assets but warns that new rules must close existing gaps rather than create fresh ones.
- In a new blog post, senior executives argued that crypto assets and platforms that function like securities, exchanges or brokers should face the same investor-protection, disclosure and market-integrity standards as traditional finance.
- The bank urged lawmakers to impose robust safeguards on stablecoins and tokenized deposits, including bank-like capital, liquidity and consumer-protection rules, and to preserve strong anti-money-laundering and law-enforcement tools as Congress debates the Digital Asset Market Clarity Act.
