Jeremy Barnum told JPMorgan shareholders that yield-bearing stablecoins risk creating a parallel banking system without the safeguards of traditional regulation.
Stablecoins emerged as a topic during JPMorgan Chase’s fourth-quarter earnings call on Tuesday, with executives expressing support for blockchain technology while warning that certain stablecoin designs could threaten the regulated banking system.
The comments came in response to a question from Evercore analyst Glenn Schorr, who asked about stablecoins in light of recent industry lobbying by the American Bankers Association and ongoing congressional markups related to digital asset legislation.
Responding to the question, JPMorgan chief financial officer Jeremy Barnum said the bank’s position aligns with the intent of the GENIUS Act, which seeks to establish guardrails around stablecoin issuance.
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