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JPMorgan CEO feels threatened by payment systems disruption

 


JPMorgan Chase CEO Jamie Dimon feels threatened by how the crypto space is disrupting payment systems, Shark Tank host Kevin O'Leary said in a panel discussion at Converge22 on Sept. 28. 


Recently, in his testimony before the US Congress, Dimon had described himself as a "major skeptic" about "crypto tokens that you call currency, such as Bitcoin" and described them as "decentralized Ponzi schemes" .


O'Leary explained that friction is one of the main problems in the traditional financial system and that banks benefit from transaction fees as a result. He added that stablecoins could lead to a reduction in fees around the world. He explained:


"This isn't about asset price speculation. This is about lowering the fees for the functioning of the global economy. More transparent, more productive, fully auditable, regulated, but cheaper. So does Jamie Dimon feel threatened? They can count on that I bet he feels threatened. That's a big chunk of his money." 

Regarding the regulatory environment in the US, the venture capitalist explained that sovereign wealth funds and pension funds are waiting for regulation before adding digital assets to their portfolios. He also said:


"If you're a sovereign wealth fund or an oil-rich country, you might generate a quarter of $1,000,000 in 12 hours. The only place in the world you can do that is the S&P. The only one One way to do that is to comply with SEC rules. You will never go against the SEC until those rules are established."

According to O'Leary, an overnight regulatory change in the US for digital assets would result in a 10 percent increase in the value of all crypto assets. U.S. lawmakers are working on a stablecoin regulation bill that is expected to be passed by the end of the year.


Stablecoins are a class of cryptocurrencies designed to offer investors price stability, either by being pegged to specific assets (like the US dollar) or by using algorithms to match their supply with demand.

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