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23 April 2021

JPMorgan Boss Says 'Emerging Issues' Like Cryptocurrencies 'Need to Be Dealt With Quickly' – Finance Bitcoin News

JPMorgan Boss Says 'Emerging Issues' Like Cryptocurrencies 'Need to Be Dealt With Quickly' – Finance Bitcoin News


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JPMorgan Boss Says 'Emerging Issues' Like Cryptocurrencies 'Need to Be Dealt With Quickly' – Finance Bitcoin News.

In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and there’s a list of items like digital currencies he’s named that needs to be “dealt with – and rather quickly.”.

“We need competition – because it makes banking better – and we need to manage the emerging risks with level playing field regulation in a way that ensures safety and soundness across the industry,” he stressed.

Despite the competition, Dimon believes there are “serious emerging issues” that need to be “dealt with” soon.

“There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.”.

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