JPMorgan CFO says stablecoins could distort market without bank-like rules

JPMorgan Chief Financial Officer (CFO) Jeremy Barnum has warned that stablecoins could distort the market if their regulations do not align with traditional banking standards, CoinDesk reported. Speaking during the company's first-quarter earnings call, Barnum pointed out that stablecoins offer functions similar to bank deposits but could potentially evade interest rate rules and customer protection regulations. He explained that market distortions could arise if the same regulations are not applied, allowing some structures to effectively perform banking functions without being regulated.