Problem
Your response must include why the initial post caught your attention and your analysis of the potential ethical implications/any additional questions you may have. You should respond with at least a short, well-thought-out paragraph.
1) Company Name(s): JPMorgan Chase
2) Topic: 'Decentralized Ponzi Schemes' (Dealbook: Sept 22nd, 2022)
3) Industry: Banking / Cryptocurrency
4) Why Caught my Attention:?The discussion of cryptocurrency is what initially drew my attention to this story. The CEO of JPMorgan testified before Congress and relayed his distrust of digital currencies, calling them "decentralized Ponzi schemes."
5) Potential Ethical Implications:?There are potential ethical implications within this situation. The CEO of a major bank has been outspoken that cryptocurrency is fraudulent, however his own bank is also instituting practices that use digital and blockchain technology. The CEO has backed off his earlier statements when he threatened to fire anyone who traded in the digital tokens and has acquiesced to say that the bank must follow customer's wishes. The crypto market has been faltering which reinforces the bank's stance on not taking part in the crypto system which brings another ethical consideration of whether the banks should allow their expert opinions to be overridden by customer demands.
Task
Are the bank's opposition to cryptocurrency valid? Or are they opposed because cryptocurrency jeopardizes the future of their industry? Who could be held liable if investments in cryptocurrency are allowed and the system fails?