JPMorgan CEO calls for stablecoins to be regulated, criticizes Bitcoin as a ponzi

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2022-09-26 14:48:42

The CEO of JPMorgan, one of the world’s oldest financial services firms, emphasized his skepticism towards crypto assets.

On the morning of September 22, during a hearing before the House Financial Services Committee right after the Fed’s interest rate hike and the Fed chair’s speech, Jamie Dimon – CEO of the famous US bank JPMorgan admitted admit to being a huge crypto skeptic.

Explaining his position, Jamie Dimon argued that he holds a critical view of cryptocurrencies because the main reason lies in the lack of regulation in the industry. This could threaten the US financial system, he said.

“There is nothing wrong with a stablecoin, like a properly managed money market fund. However, we need to clarify the cases that operate in such a direction.”

JP Morgan’s comments come a day after it emerged that US lawmakers had drafted a new stablecoin bill that would temporarily ban LUNA-UST-style algorithmic stablecoins for two years. When mentioning this issue, Jamie also did not forget to give an example with JPM Coin – a cryptocurrency developed by JP Morgan itself.

“Send us JPM Coin, we will give you one USD. It is a dollar deposit. JPM Coin can be traded the way crypto is. Stable value at very low cost.

Besides, CEO Jamie Dimon is even more harsh on other cryptocurrencies, claiming that Bitcoin is extremely dangerous and that most of the existing projects on the market are Ponzi.

“I am a major skeptic about most tokens, what you are calling money, like Bitcoin. They are decentralized Ponzi schemes.”

In fact, this is not the first time that the CEO of JP Morgan has made such offensive and hostile statements towards Bitcoin. So far, Jamie has been known as one of the financial industry’s biggest influencers but persistently “hates” Bitcoin. However, the BTC price increase over time has survived and triumphed over the most pessimistic arguments of Jamie Dimon.

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