JPMorgan executives call for US to establish digital asset framework, oppose legalization of yield-bearing stablecoins

According to The Block, JPMorgan Chase Co-Head of Global Payments Umar Farooq and CEO of Digital Assets and Blockchain Solutions Peter Muriungi jointly published an article calling for the United States to establish a comprehensive digital asset regulatory framework as soon as possible. The two executives did not directly name the Clarity Act but clearly opposed the legalization of yield-bearing stablecoins, warning they could evolve into "shadow banking," triggering bank run risks and undermining financial stability. The article emphasized that stablecoins should adhere to the same regulatory standards as traditional deposit products, and digital asset innovation should advance within the existing securities and banking rules framework.