Odaily Planet Daily reports: JPMorgan Chase CFO Jeremy Barnum stated on the earnings call that if regulatory rules do not align with those for traditional bank deposits, stablecoins could become tools for regulatory arbitrage. He noted that some stablecoin models already exhibit deposit-like characteristics, such as offering yield incentives, yet are not subject to banking regulations covering capital, liquidity, and consumer protection, potentially creating an uneven competitive landscape. “If the same product is not regulated equally, it opens up arbitrage opportunities,” Barnum said.
Currently, U.S. legislative efforts are advancing an加密监管 framework, including the Clarity Act, to clarify the regulatory divisions between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market.
Additionally, whether stablecoins should be allowed to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support interest-bearing stablecoins, while banks argue that this would bring them closer to deposit products without the corresponding regulatory safeguards.
JPMorgan Chase supports clearer regulation but emphasizes that regulatory consistency takes precedence over speed. Meanwhile, the bank is advancing its product offerings, including JPM Coin and tokenized deposits, through its blockchain division, Kinexys, to modernize payment systems. (CoinDesk)