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JPMorgan CEO calls crypto 'decentralized Ponzi schemes'

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While testifying before United States (U.S.) lawmakers, JPMorgan Chase CEO Jamie Dimon referred to himself as a “major skeptic” on “crypto tokens that you call currency like Bitcoin,” labeling them as “decentralized Ponzi schemes.”Dimon was asked what keeps him from being more active in the crypto space during an oversight hearing held by the House Financial Services Committee on Sept.

21. Dimon emphasized that he sees value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and “tokens that do something," but then proceeded to lambast crypto tokens that identify as currencies.Asked for his thoughts about the draft U.S.

stablecoin bill, Dimon said he believes that there is nothing wrong with stablecoins that are properly regulated and that the regulation should be similar to what money market funds are subject to.Dimon has once described Bitcoin as a "fraud" and has reiterated in the past he has no interest in backing the sector on a personal level.

He has softened his stance on crypto on occasion, once highlighting that it can serve important use cases at times such as cross-border payments.

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