Gate News, April 14 — JPMorgan Chief Financial Officer Jeremy Barnum warned during the bank’s Q1 earnings call that stablecoins could become a “regulatory arbitrage” tool if they offer bank-like products without equivalent regulatory oversight and consumer protections, according to CoinDesk. He emphasized that allowing stablecoin issuers to provide users with interest on reserve assets would create services similar to banking but lacking capital, liquidity, and protection requirements, resulting in unfair competition.
Barnum stated that JPMorgan supports establishing a clearer regulatory framework for digital assets and related yield products in the U.S., but believes consistency is more important than speed.
JPMorgan currently operates JPM Coin and tokenized deposits through its blockchain division Kinexys to modernize payment services. The bank reported Q1 net income of $16.49 billion, up 13% year-over-year.
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