Jamie Dimon, CEO of JP Morgan Chase, said Wednesday in a congressional hearing that he is open to stablecoins “properly regulated”, he added. This CEO’s remarks come just days after it was reported that the House Financial Services Committee had released a revised draft of a stablecoin bill. Dimon was harsher about crypto tokens such as bitcoin and called them “decentralized Ponzi scheme”.
Jamie Dimon, CEO of JP Morgan Chase, was open to the introduction of stablecoin rules at a congressional hearing. He stated that the technology should be “properly controlled.”
Jamie Dimon was a digital asset skeptical
The JP Morgan boss was a self-described “major skeptical” about digital assets. He acknowledged this during a hearing before Congress’ House Financial Services Committee. Dimon was joined by half-dozen CEOs of the nation’s biggest banks who testified in Washington during Wednesday’s hearing.
Rep. Josh Gottheimer (D.N.J.), asked Dimon about what is holding him back from becoming more active in cryptocurrency. He also asked Dimon if he is worried that other countries will take over the digital asset space, if the U.S. doesn’t act. New Jersey lawmaker Josh Gottheimer also referred to his own bill that would define qualified stablecoins as well as provide protections for investors and consumers.
Dimon stated that there would be no problem with a stablecoin being properly regulated, just like a money market fund. You have one today, and they are not.”
Dimon’s remarks came one day after News broke that legislators had drafted a new bill to stabilize the stablecoin. This would temporarily ban payment coins that aren’t backed by outside assets and other provisions.
Stablecoins are the same as money market funds
Dimon stated, “It’s the equivalent of a money market funds, you should view it exactly the same in terms of disclosure and backup, gates, and a whole bunch other things.”
Dimon cited the JPMorgan coin of his bank as an example.
“Send it us, we’ll give you a US Dollar. It is a dollar deposit. It can be moved in the same way as cryptocurrencies. Dimon stated that it has a stable value and very low costs.
Charles Scharf, CEO of Wells Fargo & Company, said Gottheimer’s bill was “certainly an option to ensure that people understand that stablecoin’s underlying value.”
Dimon was harsher about other forms of cryptocurrency. He called tokens such as bitcoin “dangerous.