According to CoinDesk, JPMorgan Chase CFO Jeremy Barnum stated during the first quarter earnings call that if stablecoins offer functions and yields similar to bank deposits but do not face equivalent regulation and consumer protection, they could evolve into a tool for "regulatory arbitrage." He pointed out that if "regulatory inconsistency for similar products" exists, it would create opportunities for arbitrage, and some structures might even operate as a disguised form of banking business without the core banking regulatory requirements.

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