Retirees, grandmothers and low-income people have been hurt by crypto

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JPMorgan (JPM) Chief Executive Jamie Dimon doesn’t mince words when it comes to his views on cryptocurrencies.

The Wall Street boss, who in September called decentralized digital tokens Ponzi schemes during a regulatory hearing, again reiterated his criticism of crypto assets during an interview with Fox Business Network.

I called it a decentralized ponzi scheme because people would just hype, hype and they would write tons of books about it, the money that was stolen from it, what people knew and didn’t didn’t know, he said when asked what lessons were learned about crypto after the collapse of FTX.

WASHINGTON, DC – SEPTEMBER 22: JPMorgan Chase CEO Jamie Dimon arrives for a Senate Banking, Housing, and Urban Affairs Committee hearing. (Photo by Drew Angerer/Getty Images)

Dimon, in the interview that aired on Tuesday, as well as in the past, differentiated his skepticism of crypto assets from his view of blockchain technology as a form of financial transaction acceleration. His bank has been working on creating its own custom blockchain and token, JPM Coin, which aims to facilitate customer payment transfers.

Meanwhile, he said cryptocurrencies had made people hysterical and it was the responsibility of governments to protect investors.

Many people were injured [by crypto], said Dimon. They were retirees, grandmothers, low-income people, and it was a shame.

The bankruptcy of the fallen cryptocurrency exchange is estimated to have wiped out $9 billion in crypto investments, according to figures from blockchain analytics firm Chainalysis.

It should have been immediately placed in some kind of regulatory framework so that there was some protection for investors, he said, adding that regulators were starting to offer guarantees, but now the barn door is falling. is open for them to do so.

In a separate interview with CNBC last month, Dimon compared crypto tokens to pet rocks.

By the way, I’m not interested in it, so I hate talking about it, Dimon said in the Fox Business interview on Tuesday.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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