Jamie Dimon Says Regulatory Status of Cryptocurrencies Needs to Be ‘Dealt With’

Jamie Dimon, the CEO of JPMorgan, has listed the legal and regulatory status of cryptocurrencies among a list of “serious emerging issues that need to be dealt with.”

• In a letter to shareholders released Wednesday, Dimon describes his view on how aspects of the business are “bogged down in the past” and need to “focus on the future.”
• “There are serious emerging issues that need to be dealt with – and rather quickly,” Dimon wrote, listing the legal and regulatory status of cryptocurrencies alongside the growth of shadow banking, cybersecurity risks and ethics around artificial intelligence (AI).
• As have several of its Wall Street peers, JPMorgan has warmed to cryptocurrencies in recent months.
• In November, Dimon acknowledged that "very smart people" are buying into bitcoin, although it's still not his "cup of tea," reiterating his longstanding belief that governments will ultimately regulate it more heavily.
• A report released by JPMorgan last week set a long-term price target for bitcoin of $130,000.

See also: Wall Street Embrace of Crypto Grows Closer as Employees Argue on Its Behalf: CNBC