Jamie Dimon, CEO of JPMorgan Chase, told a panel at Converge22 on Sept. 28 that Shark Tank host and billionaire venture capitalist Kevin O’Leary said: He said he feels threatened by how the crypto space is disrupting payment systems.
O’Leary spoke out after Dimon declared he was a “big skeptic” about “crypto-tokens called currencies like Bitcoin.” We call them “decentralized Ponzi schemes” In his testimony before the U.S. Congress last week.
O’Leary continued on the panel, explaining that friction is one of the main problems in the traditional financial system and how banks profit from transaction fees, adding: . stablecoin It can lead to lower fees worldwide. he said:
“This is not about asset price speculation. It’s regulated, but it’s about being cheaper, so does Jamie Dimon feel threatened?
Regarding the US regulatory environment, venture capitalists explained that sovereign wealth and pension funds are waiting for regulation before adding digital assets to their portfolios, stating:
“If you’re a sovereign wealth fund or an oil rich country, you’re probably making $2.5 billion in 12 hours. The only place on earth you can plot that is S&P. The only way you can That is to comply with the SEC’s rules. They will never go against the SEC until those rules are decided.
According to O’Leary, regulatory changes to the US approach to digital assets could see all crypto assets rise 10% overnight.American lawmakers Working on legislation to regulate stablecoins It may be approved by the end of the year.
Stablecoins are a class of cryptocurrencies that seek to provide price stability to investors, either by being backed by a specific asset (such as the US dollar) or by using algorithms to adjust supply based on demand. is.