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JPMorgan Executive Voices Support for "Fedcoin": Strongly Opposes Emergence of Shadow Banking System Outside of Existing Regulatory Framework
BlockBeats News, January 14th - During JPMorgan Chase's fourth-quarter earnings conference call on Tuesday, stablecoins became a topic of discussion. The bank's executives expressed their support for blockchain technology while also warning that certain stablecoin designs could threaten the regulated banking system.
JPMorgan Chase's Chief Financial Officer Jeremy Barnum stated that the bank's position is in line with the spirit of the GENIUS Act, which aims to establish regulatory guardrails for stablecoin issuance.
Barnum issued a warning about yield-bearing stablecoins that could replicate traditional banking business but lack corresponding regulation. "Creating a parallel banking system with all the features of traditional banking, including what looks a lot like interest-bearing deposits, but without the prudential safeguards that have evolved through centuries of bank regulatory frameworks, is clearly a dangerous and undesirable path," he said.
Barnum added that while JPMorgan Chase welcomes competition and innovation, it strongly opposes the emergence of parallel banking systems outside the existing regulatory protection framework.
BlockBeats Note: Currently, the "CLARITY Act" (i.e., Market Structure Act), in the U.S. cryptocurrency space is making progress, with the most central and intense conflict focusing on stablecoins, especially the question of "whether/how stablecoins can provide returns/rewards."
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