Chief Executive Officer of JPMorgan’s blockchain unit. “Most of crypto is still junk,” he said at the Monetary Authority of Singapore’s Green Shoots seminar on Monday. “The use cases [of most cryptocurrencies] haven’t arisen fully and the regulation has not caught up.” The financial industry has been slow in catching up with tokenized deposits because regulation has not caught up and there are not many use cases, Farooq claimed, adding most of the capital in the Web3 ecosystem is for speculative activities.