Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”

Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”


In his annual letter to his shareholders, J.P. Morgan Chairman and CEO Jamie Dimon addressed the status of regulations towards Bitcoin and cryptocurrencies in the United States. At the beginning of the letter, Dimon calls 2020 a “strong” year for the banking institution in spite of the pandemic Covid-19.

Dimon seems to have changed his stance, as have other executives in the banking sector, after giving statements against Bitcoin and cryptocurrencies. In a section dedicated to the inability of the United States to “deal” with its past, he states that the country has been “distracted” about its future.

$JPM Chairman and CEO, Jamie Dimon, releases his Annual Letter to Shareholders.

— J.P. Morgan (@jpmorgan) April 7, 2021

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In that sense, Dimon points out 3 “serious emerging issues”: shadow banking, financial information management, and the legal framework on cryptocurrencies. J.P. Morgan executive calls on regulators and financial system actors to take a more active stance, Dimon said:

Regulators

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