JPMorgan CFO Warns Against Parallel Banking System from Yield Stablecoins

According to PANews, JPMorgan's Chief Financial Officer Jeremy Barnum cautioned during the fourth-quarter earnings call that yield stablecoins could lead to a 'parallel banking system' lacking traditional regulatory safeguards, which he described as 'dangerous and undesirable. ' Barnum expressed support for the GENIUS Act's intention to establish guardrails for stablecoin issuance but opposed the emergence of alternative systems with banking features, such as interest-bearing deposits, that are not subject to appropriate prudential regulation. He emphasized that while banks welcome competition and innovation, they firmly oppose the creation of a parallel banking system outside existing regulatory protections. Previously, the U source: https://www.binance.com/en/square/post/35055638549274?utm_source=BinanceNewsRSS