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CEOs of Leading Banks Testify at US Congress on Blockchain and Cryptocurrency

On April 10, chief executives of largest banks in the United States attested before the House of Representatives Financial Services Committee how the industry of banking has changed since the financial crisis of 2008. Among the topics, they’ve discussed are cryptocurrencies and blockchain technology.

Ohio’s 8th congressional district Representative Warren Davidson claimed that the banking industry is coming into an innovative stage. It’s the era where blockchain technology is changing the current financial systems and cybersecurity. Rep. Davidson also added that the U.S. is staggering behind today due to problems on regulatory certainties.

Ohio’s 8th congressional district Representative, Warren Davidson

Moreover, Davidson also addressed Chairman and CEO of JPMorgan Chase (JPM); Jamie Dimon’s statement back in 2017. Dimon viewed cryptocurrencies as “not a real thing” 2 years ago, but JPM recently introduced the “JPM Coin” and had expressed their support for cryptocurrencies as long as it is correctly regulated and controlled.

Dimon Still Does Not Understand Crypto

To his defense, Dimon responded that he sees blockchain as something that will work through time. He also clarified that the unreal part is about cryptocurrency not being supported by anything, wherein it doesn’t hold any value other than the next personal pay.

Rep. Davidson also addressed Charles Scharf who is the current CEO of the American global banking and financial services Bank of New York Mellon. Davidson noted that the banking company’s website reveals the lack of regulatory clarity as an obstacle to giving custody for digital assets.

Other topics discussed included bank financing services for private prisons and their diversity and equality policies and the bank’s role in the housing market crash. Members of the U.S. House of Representatives, including Davidson, also reintroduced the Token Taxonomy Act (TTA), which pursues the establishment of regulatory certainty for businesses in the blockchain industry.  

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