JPMorgan has publicly endorsed federal digital asset legislation but cautioned Congress to establish a robust framework. The bank's executives emphasized that clear regulation must include durable safeguards to prevent financial vulnerabilities. They argued that bypassing existing rules through tokenization would undermine market integrity. JPMorgan stressed that assets behaving like securities should adhere to disclosure and market integrity standards, regardless of their blockchain issuance. The bank expressed particular concern over stablecoins offering yields without meeting banking standards, potentially creating shadow banking risks. JPMorgan highlighted the threat of run risk if consumers misunderstand stablecoin protections. They also advocated for strong anti-money laundering tools within the digital asset ecosystem. The op-ed coincides with JPMorgan's expansion of its Kinexys blockchain payments platform. This expansion includes support for eight currencies and has processed trillions in transactions. JPMorgan's JPM Coin, a deposit token, aims for rapid settlement within the regulated banking system.