During a discussion on May 6th, between Eric J. Pan, President and CEO of ICI and Jamie Dimon, CEO of JPMorgan, the latter urged regulators to pay more attention to cryptocurrencies instead of the Dodd-Frank Act., before their newly formed market becomes too large to control.
“Because when it’s $3 trillion, then $4 trillion, then $5 trillion when grandmas start buying it and people start being ripped off and ransomware’s going into a hundred cities, not 30, I think you’re going to have an uproar about what was allowed to happen”.
Dimon, who is not very fond of bitcoin, notes that the total cryptocurrency market has exceeded $2 billion, so it is time to design a “legal, regulatory and tax framework” for the new asset class.
“Meanwhile, I’m shocked. I mean, if you look at the growing issues – should no one say, what do we want to do about cryptocurrencies? There has to be a legal, regulatory, tax framework, avoiding money laundering from cryptocurrency. Now it’s worth $2 trillion. When are they going to say, ‘My God, is this worth our attention?’ “And of course, you’ve seen things about it. There are tons of issues and exchanges out of the market. Data brokers, data privacy, data tracking – the future issues. These really need to be looked at.”