Jamie Dimon Jane Fraser Bitcoin Usa city Fargo, county Wells county Wells CEO Man blockchain Jamie Dimon Jane Fraser Bitcoin Usa city Fargo, county Wells county Wells

Crypto is a ‘decentralized Ponzi scheme’- This CEO has bitter stance

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Jamie Dimon, the man at the helm of United States’ largest bank J.P Morgan Chase, made some rather controversial statements at 21 September’s congressional hearing called “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.”The United States House Committee on Financial Services heard the testimonies of CEOs of U.S.

top banks including Charles Scharf from Wells Fargo, Brian Moynihan of Bank of America, and Citigroup’s Jane Fraser.The committee’s memorandum for the hearing mentioned banks’ interaction with emerging technology and even talked about J.P Morgan’s digital currency, the JPM Coin.Jamie Dimon, while testifying before U.S.

lawmakers, branded himself a “major skeptic” of crypto coins like Bitcoin, going as far as labeling it a “decentralized ponzi scheme.” Dimon went on to cite how every year, crypto tokens facilitate $30 billion worth of ransomware, money laundering, sex trafficking, etc.

Dimon did, however, state that he saw value in blockchain, DeFi, smart contracts, and “tokens that do something.” When asked about his thoughts on the recently proposed legislation on stablecoins, the CEO stated that they should be subjected to similar laws as the capital markets.

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