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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

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

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTCUSD

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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

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 need to decide what they want included in the regulatory system – and what they don’t want included (…). We need to recognize that if a regulated system has higher capital requirements than the market demands, then the product will move outside of the regulated system.

U.S. losing edge on Bitcoin?

The U.S. banking system holds close to $4 trillion in cash o Treasury securities. JP Morgan’s CEO wonders if the bank shouldn’t use that liquidity to “help the economy grow”. However, he claims there are many obstacles that prevent this capital from “actually” reaching the banks or the “broader” economy.

Therefore, he reaffirms his argument that regulations in the United States must undergo “calibration”. Dimon wrote:

This calibration will be one of the main factors in determining what ends up in the regulatory system – and what doesn’t. It is a fine balance. Too much capital and liquidity could possibly slow down the economy and push lots more to the shadow banking system. Too little capital and liquidity could make banks riskier and more subject to failure.

When referring to cryptocurrencies several members of different regulatory bodies in the U.S., from SEC Commissioner Hester Pierce or former OCC Brian Brook, have acknowledged that “well” regulated products are a benefit for all players in the economy.

Dimon agreed, adding that regulated assets “generally” have greater transparency, more scrutiny, and support.

In the United States, numerous institutions have called for the approval of an Exchange Traded Fund (ETF) for Bitcoin. In that way, institutional investors hope to gain exposure to the BTC.

If regulators continue to fail to recognize the growth of the crypto market, they could deepen the advantage that other countries, such as Canada, appear to be consolidating in the area.

At the time of publication, Bitcoin is trading at $56,180 with 2.8% losses in the last 24 hours.

BTC with small losses in the 24-hour chart. Source: BTCUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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