Dear Mens Rea,

Thank you for taking the time to read my work and thank you for adding to the discussion on this matter.

You are most correct in pointing out the obvious hypocrisy when it comes to financial institutions and regulators accusing cryptocurrencies as having no value other than as a conduit for money laundering.

And it is in this regard that J.P. Morgan’s JPM Coin looks all the more hypocritical.

The amount of cryptocurrency use in the global money laundering machine is barely a rounding error and yet because financial institutions have yet to create the tools necessary to tap into what could be a lucrative source of business for them, it would be better to denigrate cryptocurrencies than to reflect on the role of cash in money laundering.

Thank you for adding to the discussion and for your invaluable insight.

Yours,

Patrick Tan