JPMorgan CEO feels threatened by payment systems disruption: Kevin O'Leary

Shark Tank host Converge22 says stablecoins should lead to reduced friction and fees worldwide.< /p> New

JPMorgan Chase CEO Jamie Dimon feels threatened by how the crypto space is disrupting payment systems, says Shark Tank host and multi-millionaire venture capitalist Kevin O'Leary during a Converge22 panel on September 29. 28.

O'Leary made his remarks after Dimon declared himself a "major skeptic" of "crypto tokens, which you call money, like Bitcoin," calling them "decentralized Ponzi schemes" in his testimony to Congress. United States last week.

O'Leary explained that friction is one of the major problems in the traditional financial system and that's how banks profit from transaction fees, adding that stablecoins could lead to lower fees in the whole world. He said:

"It's not about speculating on asset prices. It's about reducing the costs of running global economies. More transparent, more productive, fully auditable, regulated, but cheaper. So, Does Jamie Dimon feel threatened? You're damn right, he does. It's a big part of how he makes money.

Regarding the regulatory environment in the United States, the venture capitalist explained that sovereign wealth funds and pension funds are waiting for regulation before adding digital assets to their portfolios, noting that:

“If you are a sovereign wealth fund or an oil-rich country, you generate maybe a quarter of $1,000,000 in 12 hours. The only place on earth where you can plot this is in the S&P. The only way to do that is to comply with SEC rules. They will never do anything against the SEC until those rules are determined. »

According to O'Leary, a regulatory change in the US approach to digital assets would cause all crypto assets to appreciate 10% overnight. US lawmakers are working on a bill to regulate stablecoins that...