Jamie Dimon, chairman and CEO of J.P. Morgan Chase, said he believes that it’s time for cryptocurrency oversight and told the Investment Company Institute (ICI) that a managerial framework should be instituted, etf.com reported.
During a speech at ICI’s annual meeting, held remotely, Dimon said he thinks that there isn’t a structure in place because regulators have rushed to support new technology without considering the framework.
As digital assets become more mainstream, retail investors will be forced to overcome their own issues and bad experiences, Dimon said.
“When grandmothers start buying it, you are going to have an uproar about what happened,” he said, per etf.com.
Dimon also spoke about President Joe Biden’s proposed climate change regulations and how numerous rules could backfire, failing to accomplish their intentions and causing negative externalities. An alternative to the proposed regulations could be a carbon tax and industrial policy that could lead to lower carbon intensity.
Referring to the decline in the number of public companies — from about 8,000 to 4,000 total — Dimon pointed to special interest groups and lawsuits against public firms that triggered the drop-off.
Crypto’s move into the mainstream was facilitated by platforms like PayPal, which endorsed the payment method and then integrated it into its ecosystem. Daniel Gouldman, CEO of crypto-banking platform operator Ternio, told PYMNTS’ Karen Webster that PayPal’s integration is a big push toward mainstream acceptance.
In his first public hearing as chairman, U.S. Securities and Exchange Commission (SEC) head Gary Gensler said on Thursday (May 6) that the $2 trillion crypto market is in need of regulation and oversight. He also said proposed rulemaking for custody should move forward.
At the recent Wall Street Journal CEO Council, Dimon said that although he is not a supporter of cryptocurrency, the bank’s clients have been asking about the coin currency and want to know how best to invest.
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