JPMorgan Supports Crypto Legislation But Warns Of ‘Shadow Banking’

JPMorgan Chase (NYSE: $JPM) has thrown its support behind the cryptocurrency legislation that's winding its way through Congress but warned of risks posed from "shadow banking."

In a blog post, JPMorgan, which is the world's biggest commercial bank, said it is backing efforts to establish a U.S. regulatory framework for digital assets, but emphasized the risks of crypto.

Peter Muriungi, CEO of Digital Assets and Blockchain Solutions at JPMorgan, argued that the market structure legislation known as the "Clarity Act" needs to close regulatory gaps.

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Much of JPMorgan's message focuses on what could go wrong with cryptocurrencies if Congress doesn't get the rules right from the outset.

Throughout the blog post, the bank repeatedly warns that digital assets should not be allowed to sidestep the safeguards that govern traditional financial institutions such a

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/crypto/articles/jpmorgan-supports-crypto-legislation-warns-190800782.html)