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Jamie Dimon Says Crypto Tokens Are ‘Decentralized Ponzi Schemes’

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tech.hindustantimes.com

Jamie Dimon didn't mince words when a US lawmaker mentioned the executive's history of criticizing cryptocurrencies. “I'm a major skeptic on crypto tokens, which you call currency, like Bitcoin,” the JPMorgan Chase & Co.

chief executive officer said in congressional testimony Wednesday. “They are decentralized Ponzi schemes.” Stablecoins -- digital assets tied to the value of the US dollar or other currencies -- wouldn't be problematic with the proper regulation, and JPMorgan is active in blockchain, Dimon said.

The comments represent the latest criticism leveled against digital currencies by Dimon, who once called Bitcoin “a fraud” before eventually saying he regretted the comments.

House Financial Services Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry have been working to reach an agreement on stablecoin legislation.

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