JPMorgan Supports Digital-Asset Legislation but Seeks Bank-Like Stablecoin Rules

JPMorgan on June 29, 2026, published a blog post endorsing U.S. legislation to establish a regulatory framework for digital assets while pressing for safeguards that match those applied to traditional finance. Umar Farooq, global co-head of JPMorgan Payments, and Peter Muriungi, CEO of Digital Assets and Blockchain Solutions, wrote that crypto assets and platforms functioning like securities, exchanges or brokers should meet the same investor-protection, disclosure and market-integrity standards as conventional entities.

The executives urged lawmakers to apply bank-like capital, liquidity and consumer-protection rules to stablecoins and tokenized deposits. The post comes as the Senate negotiates the Digital Asset Market Clarity Act, which cleared the Senate Banking Committee and is expected by industry groups to reach the floor in July.

Negotiators are still addressing ethics rules for officials with crypto ties, liability protections for decentralized-finance developers, stablecoin yield provisions and objections from Senate Agriculture Committee Democrats.

JPMorgan warned that rewards or cashback on stablecoin balances could lead consumers to assume nonexistent protections and heighten run risk during market stress. The bank also called for retention of strong anti-money-laundering and law-enforcement tools.