JPMorgan Urges Bank-Like Stablecoin Rules as Senate Weighs Digital Asset Bill
Updated
Updated · CoinDesk · Jun 29
JPMorgan Urges Bank-Like Stablecoin Rules as Senate Weighs Digital Asset Bill
2 articles · Updated · CoinDesk · Jun 29
Summary
JPMorgan said digital-asset legislation should close regulatory gaps, not create new ones, warning that crypto platforms acting like brokers, exchanges or securities issuers need the same safeguards as traditional finance.
In a blog post by payments executive Umar Farooq and digital-assets chief Peter Muriungi, the bank backed investor-protection, disclosure, market-integrity and anti-money-laundering rules as the basis for a durable U.S. framework.
Stablecoins and tokenized deposits drew the sharpest warning: JPMorgan said products resembling bank deposits should face bank-like capital, liquidity and consumer-protection rules, especially if they offer rewards or yield that could spur runs in stress.
The intervention lands as the Senate tries to move the Digital Asset Market Clarity Act before the August recess, with disputes still unresolved over ethics rules, DeFi developer liability, stablecoin yield provisions and Democratic concerns.
A correction clarified JPMorgan did not endorse the Clarity Act itself; it called for strong regulation while arguing tokenization's payment and settlement benefits will materialize only with tougher oversight.
While advocating for strict crypto rules, is JPMorgan building a digital asset system that only big banks can dominate?
With the US banning stablecoin interest, will this protect the banking system or simply cost consumers $800 million annually?
The US and UK are banning stablecoin interest, but Europe may allow it. Which path will define the future of digital money?
Senate’s $260 Billion Stablecoin Dilemma: Yield, Regulation, and the Future of U.S. Finance
Overview
As of late June 2026, the U.S. Senate is a key battleground for stablecoin regulation, with lawmakers debating how to create a clear and stable framework for digital assets. The focus is on pending market structure legislation that aims to address gaps in current rules and support the growth of the crypto industry. JPMorgan, through its leaders Umar Farooq and Peter Muriungi, has emphasized that effective regulation can help the industry mature, but only if it closes existing loopholes rather than creating new ones. Stablecoins are at the center of these discussions, reflecting their growing importance and the need for thoughtful oversight.