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BCH $460.29 +4.86%
LINK $9.77 +4.73%
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tool

JPMorgan warns: Stablecoins may become tools for regulatory arbitrage and need to be included in a bank-level regulatory framework

JPMorgan CFO Jeremy Barnum stated during the earnings call that if regulatory rules are not aligned with traditional bank deposits, stablecoins may evolve into a "regulatory arbitrage" tool. He pointed out that some stablecoin models already exhibit deposit-like characteristics, such as providing incentives similar to yields, but are not subject to banking regulatory requirements like capital, liquidity, and consumer protection, which could create an unfair competitive environment. "If the same products are not regulated equally, it will open up arbitrage opportunities," Barnum said.Currently, U.S. legislation is pushing for a cryptocurrency regulatory framework, including the Clarity Act, to clarify the regulatory division of labor between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market. Additionally, whether to allow stablecoins to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support "interest-bearing stablecoins," while banks believe this would bring them closer to deposit products but lack corresponding regulatory constraints. JPMorgan expressed support for regulatory clarity but emphasized that "regulatory consistency" takes precedence over speed. At the same time, the bank is advancing product layouts, including JPM Coin and tokenized deposits, through its blockchain division Kinexys to modernize the payment system.

Anthropic: The Claude subscription service will no longer cover the usage rights for third-party tools such as OpenClaw

AI company Anthropic announced that starting from April 4 at 15:00 Eastern Time, it will prohibit access to third-party tools through the Claude subscription service, including the open-source project OpenClaw. The new regulations require that related features can only be used through additional packages or billed on a pay-as-you-go basis via API.This adjustment means that many developers and teams relying on OpenClaw to build automated workflows will shift from a fixed subscription cost model to an unlimited pay-as-you-go system, significantly increasing overall usage costs. Some developers have indicated that the original usage cost of about $20/month could soar to hundreds or even thousands of dollars.The market generally believes that this move is related to OpenClaw founder Peter Steinberger's recent joining of OpenAI. Meanwhile, Anthropic is accelerating the promotion of its own tool ecosystem, including native integration solutions for Claude, to replace third-party toolchains.It is worth noting that Anthropic has previously tightened third-party access through technical restrictions, updates to service terms, and feature replacements. This policy is seen as a "final blockade" and will be extended to more tools.Industry analysis points out that this event reflects an intensifying trend of "ecosystem tightening" in AI platforms, with leading companies strengthening control through vertical integration. At the same time, the developer ecosystem faces rising cost uncertainties and platform dependency risks, which may further drive some users toward more open alternatives.
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