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Stablecoins that offer interest-bearing rewards may increasingly resemble bank deposits. But unlike traditional deposits, they lack the regulatory safeguards that undergird the banking system. That gap, according to JPMorgan CFO Jeremy Barnum, risks creating what he calls a parallel banking system. The issue is already on lawmakers agenda. During JPMorgans fourth-quarter 2025 earnings call, Evercore analyst Glenn Schorr noted that Congress is preparing to debate stablecoin policy, referencing a letter from the American Bankers Association that underscores the urgency of addressing a loophole around interest on stablecoins. Schorr added that Treasury estimated $6.6 trillion of bank deposits could be at risk if they dont close that loophole. Against this backdrop, Barnum zeroed in on the growing overlap between crypto productslike stablecoinsand traditional banking. The creation of a parallel banking system that sort of has all the features of banking, including something that looks a lot like a deposit that pays interest, without the associated prudential safeguards that have been developed over hundreds of years of bank regulation, is an obviously dangerous and undesirable thing, he said. Barnum stressed that his concern is not rooted in resisting competition or technological innovation. Instead, he argued that allowing deposit-like products to operate outside the regulatory framework banks must follow introduces systemic risk, creating an ecosystem with similar economic functions and vulnerabilities, but without the protections designed to safeguard consumers and the broader financial system. Clearly, there is some risk for some firms, maybe for many firms, and some version of a threat to the business model, he said. The JPMorgan CFO isnt rejecting crypto advancements entirely. Rather, hes warning against regulatory gaps. Weve been quite involved in the whole blockchain technology space for some time. As you know, we launched our first tokenized money market fund, he said. So I say that all by way of saying that we see the interesting developments in the space, the technological innovation. Were engaged. Were watching. We care. For Barnum, the debate ultimately comes down to consumer protection. As interest-bearing stablecoins grow in popularity, the question facing regulators is whether deposit-like products should carry deposit-like safeguards. Correction: This story originally misattributed Jeremy Barnums quotes to CEO Jamie Dimon. Leila Sheridan This article originally appeared on Fast Companys sister website, Inc.com. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
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E-Commerce
The public outcry over artificial intelligence has largely focused on what it could mean for the average worker. Entry-level jobs in sectors like tech and finance have already been impacted by the rise of AI. And while economists have said the claims of workforce disruption are overblown at the moment, some companies are, in fact, making major cuts to their workforces in the name of AI. Just this week, Block CEO Jack Dorsey cut 40% of head count at the fintech company, citing efficiency gains from its adoption of AI tools. But its not just rank-and-file workers whose jobs may be on the line. As CEOs tout the vast potential of AIand make cuts to their workforces accordinglymany of them have suggested that they could be out of work soon, too. In a podcast interview this week, Uber CEO Dara Khosrowshahi disclosed that some of his employees had built what they called Dara AI, an AI-generated approximation of their boss. They basically make the presentation to the Dara AI as a prep for making a presentation to me, Khosrowshahi shared on entrepreneur Steven Bartletts podcast The Diary of a CEO. Are you concerned they might show Dara AI to the board? Bartlett quipped. To which Khosrowshahi laughed and argued that AI was still missing a beat and could not yet replicate the ability to learn in real time. But when that changes, he said, that is the point at which Im going to think, yeah, we are all replaceable. Khosrowshahi might not be convinced that AI can supplant him just yetbut hes not the only CEO who sees a future where that might be the case. Shame on me if OpenAI is not the first big company run by an AI CEO, Sam Altman said on the Conversations with Tyler podcast last year. He claimed to often think about what would enable an AI CEO to do a much, much better job of running OpenAI than me?” At a conference last week, Altman doubled down on this idea. AI superintelligence at some point on its development curve would be capable of doing a better job being the CEO of a major company than any executivecertainly me, he said at the AI Impact Summit in New Delhi. Alphabet CEO Sundar Pichai has suggested a CEOs job might be relatively simple in the hands of AI. I think what a CEO does is maybe one of the easier things maybe for an AI to do one day, he told the BBC a few months ago. Within the next year, Pichai said, AI will be able to perform more complex tasks autonomously. Its not clear whether CEOs genuinely believe that their jobs could be replaced in the near future, or if this is largely another attempt to convince workers that its time to get on board with AI. After all, there is a huge disconnect between how tech leaders and CEOs talk about AI and what workers seem to feel: In 2025, a report from the Pew Research Center found that only about 17% of Americans expected AI to have a positive effect overall, while 43% said they anticipated being personally harmed by the technology. Then againit may not be an easy adjustment for every CEO, even among the most vocal AI evangelists. Klarna CEO Sebastian Siemiatkowski has been outspoken about AI adoption and has cut his companys workforce in half over the last three years, in part by relying more heavily on AI (to varying results). He was less optimistic, however, about a world in which his role might cease to exist. To me, AI is capable of doing all our jobs, my own included, he said in a post on X last year. I am not necessarily super excited about this. On the contrary, my work to me is a super important part of who I am, and realizing it might become unnecessary is gloomy. But I also believe we need to be honest with what we think will happen.
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E-Commerce
It’s no secret that Flavor Flav loves the Olympics. The rapper and Public Enemy member has become one of the loudest supporters of womens sports in the past few Olympic cycles. He is the official hype man and a sponsor for USA Water Polo. In October 2025, he announced he was bringing the hype to the Winter Olympics as a sponsor for USA Bobsled and Skeleton. Now, after the USA women’s hockey team declined a perfunctory invitation to the State of the Union address after President Donald Trump shared a chummy locker room phone call with the men’s teamin which they laugh at the prospect of the women’s gold medalists attendingFlav is once again stepping up. He’s invited the womens Winter Olympic and Paralympic medalists to Las Vegas for a weekend of celebration this summer, bringing on MGM Resorts, The Gist, and more sponsors for the three-day “She Got Game” weekend. What to know After the womens Olympic hockey teamwhich won gold in overtime against Canada in Milanskipped the State of the Union address, Flavor Flav was quick to issue a public alternative invitation on social media, offering up a celebratory trip to Las Vegas. A post on X on Thursday confirmed the She Got Game weekend will be held July 16-19 in collaboration with MGM Resorts and women-led sports media brand The Gist. Flavor Flavs vision for the weekend is all about building up the Olympic and Paralympic women medalists. His posts promise nice dinners, concerts, shows, and a big partyall to support womens sports. His message was initially for the womens hockey team, but quickly expanded to all womens medalists. More than 100 attendees have confirmed their involvement, according to Flavor Flav’s spokesperson. Other brands were equally eager to jump on the opportunity. Alaska Airlines replied to the original post, saying Lets talk. Visit Las Vegas responded, extending an offer to every Team USA athlete who medaled. (Six of the 10 individual gold medalists for Team USA were women, and women won over 50% of the U.S.s historic 33 total medals.) What brands are doing The Gist and MGM Resorts are official partners of the event. The Gist broke the story on its social media and has been posting updates as the event planning continues. StubHub was one of the first brands to show support, offering to be a platform for tickets to shows and live events. We believe in the power of live experiences to bring people together and shine a spotlight on inspiring talent,” a spokesperson told Fast Company in an email. StubHub is still working through the details of their support of the weekend, the company said. Woman-owned beauty brand Megababe has committed to donating 1,000 Megababe products to girls and young womens hockey leagues. Founder Katie Sturino saw supporting the She Got Game weekend as a natural fit for the company. Megababe is all about helping women feel comfortable and confident in their bodies, especially in spaces where they havent always been centered, she told Fast Company in a statement. Also onboard is Lyft, which has said it will provide ride codes to help transport athletes around Las Vegas. A Lyft spokesperson told Fast Company in an email, When we saw what Flavor Flav was doing with She Got Game, we loved the energyusing his platform to shine a genuine, joyful light on women’s sports.”
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