JPMorgan CEO States He Would Shut Down Crypto If Given the Power
JPMorgan Chase CEO Jamie Dimon sparked fresh crypto controversy this week when he urged lawmakers to outright ban Bitcoin. He cited a few issues, including rampant usage by criminals.
Testifying Wednesday before a Senate Banking Committee hearing, Dimon claimed cryptocurrencies serve as an aid for criminals, drug traffickers, and other illegal activities.
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“I’ve always been deeply opposed to crypto, bitcoin, et cetera.” “The only true use-case for it is criminals, drug traffickers… money laundering, tax avoidance.” “If I was the government, I’d close it down.”
JPMorgan CEO said
Key Highlights:
- He doubled down when questioned by Senator Elizabeth Warren, asserting, “If I was the government, I’d close it down.”
- The remarks came as Washington ramps up efforts to tighten regulation around cryptocurrencies.
While JPMorgan itself is actively involved in blockchain and crypto services, Dimon’s hostility toward decentralized currencies like Bitcoin reflects Wall Street’s uneasy relationship with the crypto industry.
JPMorgan CEO’s comment comes amidst Sen. Warren’s bill
Senator Warren is championing a bill to mandate stricter procedures around transaction monitoring, customer verification, and suspicious activity reporting for crypto players.
“When it comes to banking policy, I am not usually holding hands with the CEOs of multi-billion dollar banks, but this is a matter of national security. Terrorists, drug traffickers, and rogue nations should be barred from using crypto for their dangerous activities. It is time for Congress to act,” Warren said.
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Senators pressed bank CEOs on whether crypto should face similar anti-money laundering rules as traditional finance, which they all agreed with.
The comment from Dimon comes at a time when BTC surged past $44,000 once again. BTC spiked to $44,408 before dropping back below $43,952 at press time, according to CoinMarketCap data. The latest data shows that Bitcoin is hovering around $44,000 with no clear indication of where it is headed next.
