JPMorgan CEO Jamie Dimon has opposed new stablecoin legislation, saying stablecoins must be regulated “appropriately.”
While Dimon took a skeptical approach to cryptocurrencies, he took a more moderate stance on stablecoins.
Statement from the CEO of JPMorgan
JPMorgan CEO answered a question posed to him by Representative Josh Gottheimer. Gottheimer asked Dimon what was keeping him from being active in cryptocurrencies. Gottheimer also raised the question of whether digital assets are concerned that countries could dominate the digital asset space.
Dimon replied:
“Nothing wrong with a properly regulated stablecoin, just like a money market fund”
Dimon’s comments came a day after the leaked stablecoin legislation.
“This is the equivalent of a money market fund. In many ways, you have to look at it the same way.”
Dimon cited the JPMorgan coin as an example:
“Send it to us and we’ll give you a US dollar. This is a dollar deposit. It is portable just as cryptocurrencies can be moved. Its value is stable and its cost is very low”
Dimon has previously stated that cryptocurrencies such as Bitcoin are dangerous:
“I’m quite skeptical about tokens that you call currency, like Bitcoin. These are decentralized ponzi schemes and it’s incredible that it’s thought to be good for everyone.”
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