JPMorgan Chase (NYSE: $JPM) has thrown its support behind the cryptocurrency legislation that’s winding its way through Congress but warned of risks posed from “shadow banking.” 

In a blog post, JPMorgan, which is the world’s biggest commercial bank, said it is backing efforts to establish a U.S. regulatory framework for digital assets, but emphasized the risks of crypto. 

Peter Muriungi, CEO of Digital Assets and Blockchain Solutions at JPMorgan, argued that the market structure legislation known as the “Clarity Act” needs to close regulatory gaps.

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