Chief executive officers of leading banks testified before the United States House of Representatives Financial Services Committee on April 10 on how the banking industry has transformed since the 2008 financial crisis.
Among many topics spanning the breadth of the banking industry, the CEOs and lawmakers discussed blockchain technology and cryptocurrencies.
During his allotted time for questioning, Rep. Warren Davidson argued that the industry is entering into a new era of innovation, wherein blockchain technology is transforming existing financial systems, as well as cybersecurity.
Davidson addressed Jamie Dimon, chairman and CEO of one of the largest financial institutions in the U.S. JPMorgan Chase, stressing that back in 2017, Dimon called cryptocurrencies "Not a real thing," while this year JPM unveiled "JPM Coin" and stated that "We are supportive of cryptocurrencies as long as they are properly controlled and regulated."
Davidson also addressed the Chairman and CEO of the Bank of New York Mellon, Charles Scharf, noting that the company's website states lack of regulatory clarity as a barrier to providing custody for digital assets.
Other topics included the banks' role in the housing market crash, bank financing for private prisons and even their equality and diversity policies.
Rep. Alexandria Ocasio-Cortez noted fines the banks paid for disproportionately low salaries for minority and female employees.
Yesterday, representatives in the U.S. House of Representatives, including Rep. Davidson, reintroduced the Token Taxonomy Act.
The bill would exclude cryptocurrency from being classified as a security.
The act pursues the introduction of regulatory certainty for businesses and regulators in the U.S. blockchain industry, as well as clarifying conflicting state initiatives and regulatory rulings that have confused the issue.
Major Bank CEOs Testify at US Congress, Topics Include Blockchain and Crypto
Published on Apr 10, 2019
by Cointele | Published on Coinage
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