JPMorgan Chase executives Umar Farooq and Peter Muriungi have called for the United States to establish a comprehensive regulatory framework for digital assets. In a jointly published article, they emphasized the need for stablecoins to adhere to the same regulatory standards as traditional deposit products. The executives warned against the legalization of yield-bearing stablecoins, citing potential risks of "shadow banking" and financial instability. Farooq and Muriungi stressed that digital asset innovation should progress within the existing securities and banking rules framework. They highlighted the importance of regulatory clarity to ensure financial stability and prevent risks associated with unregulated digital financial products.