JPMorgan Chase CEO Criticized Again: Crypto Tokens Are “Decentralized Scam” – CoinDesk

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JPMorgan Chase CEO Criticized Again: Crypto Tokens Are “Decentralized Scam” – CoinDesk
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JPMorgan Chase CEO Jamie Dimon has always sneered at Bitcoin, and when asked by U.S. lawmakers about his views on cryptocurrencies, the Wall Street mogul unabashedly criticized “they are the way to go” Centralized Ponzi Scheme”.

“I’m skeptical of ‘crypto tokens,’ or what you call ‘cryptocurrency’ like bitcoin, which are decentralized Ponzi schemes,” Jamie Dimon said Wednesday in testimony before the U.S. Congress Say.

However, when it comes to digital assets pegged to the value of the U.S. dollar or other currencies, the situation is very different. Jamie Dimon said stablecoins shouldn’t be too problematic if properly regulated, and JPMorgan Chase is also active in the blockchain space.

Jamie Dimon slammed bitcoin as a “fraud” as early as 2017, claiming that “any JPMorgan trader who trades bitcoin will be fired immediately”, but a few months later said “I regret doing this.” remarks,” but still did not change his critical stance.

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It was not until May last year that Jamie Dimon said that although he is not a supporter of Bitcoin, if he notices that customers are interested in cryptocurrencies, he must meet customer needs.

While Jamie Dimon is an outspoken critic of Bitcoin, JPMorgan Chase has been focusing on providing blockchain financial services, launching the stablecoin “JPM Coin” about 2 years ago, becoming the first self-created and successfully tested US dollar Bank of America, the stablecoin, is also the first Wall Street bank to enter the Metaverse.

Also on Wednesday, U.S. House Finance Committee Chair Maxine Waters and committee member Patrick McHenry jointly drafted a stablecoin bill that would formally bring stablecoins under U.S. regulation.

According to the latest version of the bill, it is illegal to issue or create new “endogenously collateralized stablecoins” (algorithmic stablecoins), and a 2-year ban on algorithmic stablecoins is planned.

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