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JPMorgan CEO Calls for Tighter Regulation of Cryptocurrencies

Digital currencies and fintech projects must have a clear legal status as they potentially threaten the traditional banking sector. Jamie Dimon, CEO of JPMorgan Chase, announced this in a letter to shareholders.

Among the main risks, the head of the financial holding named the growth of shadow banking, improper use of financial data and cybersecurity threats.

“JPMorgan is aggressively adapting to the new challenges of increasingly competitive digital platforms and advocating for a level playing field,” he wrote.

Jamie Dimon emphasized that the complexity of the current regulation of the cryptocurrency market in the United States lies in the different views of government agencies on the industry.

JPMorgan estimates that about 58 fintech companies with a market capitalization of over $ 1 billion are currently competing for customers, offering faster, more efficient payment services.

Daimon added that if banks do not strengthen their positions, they risk “becoming a thing of the past.”

Earlier, the CEO of the investment holding Goldman Sachs David Solomon said that the current regulation of the cryptocurrency industry limits the ability of banks to work with digital assets, but this will change over time.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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