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JPMorgan Chase CEO Jamie Dimon wants the US government to deal with the issue of cryptocurrency regulations fast.
Cryptocurrency Regulation Is An Emerging Issue
In a newly released letter to the shareholders, Dimon had a bone to pick with several issues. One of his chief concerns was the need for clear-cut regulatory status on cryptocurrencies."There are serious emerging issues that need to be dealt with—and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems."The JPMorgan boss highlighted that US banks have grown much smaller than fintech and the 'Big Tech' companies. Even though he believes that it is more important for payment transactions to flow through the mainstream banking system than these alternatives, he believes a little competition won't hurt anyone. Dimon is well known for disliking cryptocurrencies and Bitcoin and even called the crypto asset a "fraud" a few years ago. Although he has softened his stance towards Bitcoin, he's still not a core believer. Last year Dimon agreed to blockchain having an important role in the future of finance even if Bitcoin, blockchain's greatest export, is not his "cup of tea." He also acknowledged that "very smart people" are buying into Bitcoin. This was at the New York Times Dealbook Summit. On the other hand, Dimon's bank is a completely different story as it continues to forge ahead with its digital asset plans. JPMorgan is the first major American bank to debut their digital coin named JPM Coin. Several other banks have also announced cryptocurrency-related endeavors since the start of the year. The country's oldest bank – Bank of New York Mellon, enabled Bitcoin custodial services for its institutional customers to Morgan Stanley, enabling its clients to have BTC exposure through investment funds.