• Tue. May 30th, 2023

JP Morgan CEO Jamie Dimon Prompts Regulators to take Action On the Current Cryptocurrency Boom

May 28, 2021

CEO of JP Morgan, Jamie Dimon, has suggested regulation authorities take action in regards to the regulation of cryptocurrencies.

Jamie shared his remarks on CNBC’s Power Lunch show about this matter. Jamie mentioned in a segment of the show that the crypto market is likely to reach a cap of nearly $5 Trillion in the coming time, so it is important that there should be proper regulations implemented to the digital asset space to prevent any illegal activities. Instead of expressing his point in vague words like some others, Jamie straight up stated that “cryptocurrencies should be regulated.”

Adding to that, Jamie said that a proper legal, regulatory tax AML framework should be implemented to the crypto space, which is currently sitting at a net worth of $2Trillion in value. AML stands for Anti Money Laundering, which is series of measures that help in the prevention of money laundering attempts. Jamie expressed his emotions in a surprising way, questioning that when are the regulatory authorities going to take notice of this huge market, which doesn’t seem to have any sort of regulations applied to it. Jamie said that the authorities should do a better job and should give proper attention to this huge market that has seen growth at unbelievable levels. Unregulated growing markets mean that a rise in criminal activities and other issues is imminent.

Crypto Suspicions and Bans

Jamie Dimon is well-known for his views against crypto, also calling Bitcoin a fraud in the past, indicating that he is not currently interested in digital assets. Bitcoin and other cryptocurrencies have also been flagged by many countries as unregulated currency that can be used in criminal acts such as money laundering and illegal trading activities. The ban of crypto by major countries such as India, Turkey, and China, have led people to believe that the crypto space is a dangerous place that should not be used unless proper regulation and monitoring techniques are used to keep its market in check.

Even after all this, JP Morgan’s activities show that Dimon isn’t focused on just JP Morgan. Analysts from JP Morgan have previously been predicting Bitcoin prices, and in addition to that, the Bank has also shown support to a Bitcoin allotment of 1% in investment portfolios.

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