JPMorgan Warns Rushed Crypto Rules Could Create Loopholes

JPMorgan has warned Congress that rushing to write new rules for the crypto industry could create market loopholes and gaps in financial oversight.

The warning comes as Senate leaders are pushing to advance the Digital Asset Market Clarity Act, a bill that would divide federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

JPMorgan's intervention is centered on one key argument: as digital assets become more like traditional financial products, Congress should regulate them based on their function, not the technology behind them.