JPMorgan argues that the U.S. needs a regulatory framework for digital assets that closes existing gaps rather than creating new ones:
In a new blog post, senior executives assert that crypto assets and platforms functioning like securities, exchanges, or brokers should adhere to the same investor protection, disclosure, and market integrity standards as traditional finance:
The bank urges lawmakers to impose robust safeguards on stablecoins and tokenized deposits, including bank-like capital, liquidity, and consumer protection rules:
JPMorgan emphasizes the need for a durable regulatory framework for digital assets, arguing that the industry's growth should be matched by safeguards that protect consumers, financial markets, and the broader economy:
The blog post was published by Umar Farooq and Peter Muriungi, who are global co-heads of JP Morgan Payments and CEO of Digital Assets and Blockchain Solutions, respectively:
They warn that without proper rules, crypto assets should not be allowed to sidestep the safeguards governing traditional finance:
JPMorgan also devoted significant attention to stablecoins, cautioning that products resembling bank deposits should operate within the capital, liquidity, and consumer protection rules applicable to banks:
