Major US banks are cautiously loyal towards cryptocurrencies

The CEOs of US major banks gathered in the US Congress on April 10 to express their views on a number of issues and the state of the financial industry in post-crisis era. Speaking in front of the Financial Services Committee in the United States House of Representatives, they also elaborated on the position of cryptocurrencies and blockchain.

According to Rep. Warren Davidson, blockchain technologies can be effectively used to fight cybersecurity threats and improve traditional procedures and processes in the financial industry. At the same time, he believes that the US drags behind other jurisdictions in creating a proper regulation for the industry. 

Jamie Dimon, the head of JPMorgan Chase and a prominent critic of cryptocurrencies, also expressed optimistic views, saying that the bank would support digital assets provided that they are duly regulated.

It is worth noting, that JPMorgan Chase recently announced the launch of its own digital currency known as JPM Coin. The coin is supposed to be pegged to USD and facilitate cross-border transfers between the bank’s customers.

Meanwhile, the Chairman and CEO of the Bank of New York Mellon, Charles Scharf, was more reserved and expressed a cautiously optimistic view on the position of digital assets in the global financial system.

“Cryptocurrencies are very early in their existence. They are not significant today to speak of on terms of being used as a real currency to move value, and so we are actively thinking about what we want to do.One of the biggest issues that we have relates to any money laundering and KYC”