{"id":40407,"date":"2021-04-08T14:47:13","date_gmt":"2021-04-08T11:47:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=40407"},"modified":"2025-08-30T13:59:55","modified_gmt":"2025-08-30T10:59:55","slug":"jpmorgan-chief-urges-tougher-crypto-regulation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/jpmorgan-chief-urges-tougher-crypto-regulation\/","title":{"rendered":"JPMorgan chief urges tougher crypto regulation"},"content":{"rendered":"<p>Digital currencies and fintech projects should have a clear legal status, as they potentially threaten the traditional banking sector, said Jamie Dimon, CEO of JPMorgan Chase, in a letter to shareholders.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/search?q=%24JPM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$JPM<\/a> Chairman and CEO, Jamie Dimon, releases his Annual Letter to Shareholders.<\/p>\n<p>\u2014 J.P. Morgan (@jpmorgan) <a href=\"https:\/\/twitter.com\/jpmorgan\/status\/1379773451393716226?ref_src=twsrc%5Etfw\">April 7, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Among the main risks, the head of the financial group cited the growth of shadow banking, improper use of financial data, and cybersecurity threats.<\/p>\n<blockquote>\n<p>\u00abJPMorgan is aggressively adapting to the new challenges posed by rising competition from digital platforms, and advocates for a level playing field\u00bb, \u2014 he wrote.<\/p>\n<\/blockquote>\n<p>Jamie Dimon stressed that the difficulty of current cryptocurrency market regulation in the United States lies in the divergent views among government authorities on the industry.<\/p>\n<p>According to JPMorgan, there are currently around 58 fintech companies with a market capitalisation above $1 billion competing for clients, offering faster and more efficient payment services.<\/p>\n<p>Dimon added that if banks do not strengthen their positions, they risk \u00abgoing back into the past\u00bb.<\/p>\n<p>Earlier, Goldman Sachs&#8217; investment arm CEO David Solomon stated that current regulation of the cryptocurrency industry limits banks&#8217; ability to work with digital assets, <a href=\"https:\/\/forklog.com\/en\/news\/goldman-sachs-chief-predicts-major-evolution-in-the-cryptocurrency-market\">but over time this will change<\/a>.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital currencies and fintech projects should have a clear legal status, as they potentially threaten the traditional banking sector, Jamie Dimon said in a letter to shareholders.<\/p>\n","protected":false},"author":1,"featured_media":40408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1283,229,1138,36,26],"class_list":["post-40407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-jamie-dimon","tag-jpmorgan","tag-opinions","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/40407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=40407"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/40407\/revisions"}],"predecessor-version":[{"id":40409,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/40407\/revisions\/40409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/40408"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=40407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=40407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=40407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}