JPMorgan Backs U.S. Crypto Bill With Warning on Stablecoin Risks

JPMorgan urged Congress to pass the Clarity Act with strong safeguards, warning that crypto innovation without proper oversight could create shadow-banking risks and undermine financial stability.

• JPMorgan executives wrote that regulatory clarity must be paired with durable safeguards to prevent shadow banking.
• The bank warned stablecoins offering yield-like incentives could create run risk without bank-level protections.
• Senate negotiators are racing to resolve disputes on stablecoin yields, ethics rules, and DeFi liability before August recess.
• JPMorgan CEO Jamie Dimon has vowed to fight stablecoin yield provisions in the bill.
• The bank sees tokenization as an opportunity but says it must not bypass existing securities rules.

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Last updated 30 Jun 2026