Investment bank JPMorgan is the first Wall Street bank to establish a presence in the metaverse and has focused on using blockchain for financial services. However, CEO Jamie Dimon was blunt in his criticism of crypto before the US House Financial Services Committee, calling them “decentralized Ponzi schemes”.
Dimon has been an outspoken opponent of Bitcoin. “I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes. The notion that it’s good for anybody is unbelievable” said the CEO.
The House Financial Services Committee has been working on a stablecoin bill. The most recent version of the US bill could impose a two-year ban on algorithmic stablecoins like TerraUSD.
