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• JPMorgan Chase (NYSE:JPM) publicly backed new US crypto legislation while warning about risks from digital asset “shadow banking.”

• The bank called for stronger safeguards around yield-bearing stablecoins, arguing they should face bank-like oversight.

• This is the first time JPMorgan has combined support for US crypto rules with explicit criticism of gaps in current oversight.

JPMorgan Chase is a major US universal bank with significant exposure to payments, trading, and transaction services, so its stance on digital assets carries weight for the broader financial system….