JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks throughout the U.S. Senate Banking, Housing and City Affairs Committee oversight listening to on Wall Avenue corporations, on Capitol Hill in Washington, U.S., December 6, 2023.
Evelyn Hockstein | Reuters
JPMorgan Chase CEO Jamie Dimon lashed out at bitcoin and its friends, suggesting in remarks Wednesday on Capitol Hill that cryptocurrencies ought to be banned.
“I’ve at all times been deeply against crypto, bitcoin, and many others.,” the pinnacle of the most important U.S. financial institution by belongings mentioned underneath questioning from Sen. Elizabeth Warren, D-Mass., throughout a Senate Banking Committee listening to. “The one true use case for it’s criminals, drug traffickers … cash laundering, tax avoidance.”
“If I used to be the federal government, I would shut it down,” he added.
The remarks are the most recent broadside from Dimon towards cryptocurrencies, although his financial institution is closely concerned in blockchain, the enabling know-how for the $1.6 trillion business.
In earlier statements, Dimon has referred to as bitcoin “a hyped-up fraud,” a remark he later walked again. He had additionally likened it to a “pet rock.”
Below additional questioning from Warren, Dimon and a number of other different CEOs of enormous banks introduced earlier than the committee as a part of a routine listening to on the business, agreed that crypto corporations ought to face the identical anti-money-laundering rules as the most important monetary establishments.
The subject marked a uncommon word of unity between the banking leaders and Warren, normally a harsh critic of the business.
“With regards to banking coverage, I’m not normally holding fingers with the CEOs of multibillion-dollar banks, however it is a matter of nationwide safety. Terrorists, drug traffickers and rogue nations ought to be barred from utilizing crypto for his or her harmful actions. It’s time for Congress to behave,” Warren mentioned.
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