JPMorgan Chase & Co. (NYSE: JPM), the world’s largest commercial bank, has expressed support for emerging U.S. cryptocurrency legislation while cautioning against the rise of “shadow banking” in the digital asset space.
In a recent blog post, the bank endorsed efforts to create a comprehensive regulatory framework for digital assets but stressed the importance of addressing existing gaps to prevent systemic risks. Peter Muriungi, CEO of Digital Assets and Blockchain Solutions at JPMorgan, highlighted the need for the proposed “Clarity Act” to close regulatory loopholes that could allow crypto activities to bypass traditional financial safeguards.
“Innovation without proper oversight could create new risks for consumers and the broader global financial system,” Muriungi wrote, emphasizing that digital assets must not be permitted to operate outside the stringent controls applied to conventional banks.
While acknowledging potential benefits—such as faster payments and reduced cross-border settlement times through tokenization and programmable money—JPMorgan reserved its strongest concerns for yield-bearing stablecoins. The bank warned these instruments could evolve into unregulated alternatives to traditional savings accounts, effectively functioning as shadow banking entities.
JPMorgan CEO Jamie Dimon has previously criticized legislative attempts to enable interest-like rewards on stablecoins, labeling such developments a pathway to shadow banking. Muriungi 呼应了这一立场，敦促稳定币遵守与传统存款产品相同的监管标准。
Shadow banking refers to financial intermediaries that perform bank-like functions—such as credit and liquidity transformation—without being subject to standard banking regulations, potentially increasing systemic vulnerability.
摩根大通的股价在过去 12 个月中上涨了 14%，截至最新收盘价为每股 331.15 美元。