JPMorgan Chase CEO Suggests Government Shutdown of Cryptocurrencies
Summary:
JPMorgan Chase CEO Jamie Dimon expressed opposition towards cryptocurrencies to US lawmakers, suggesting he would shut them down if he had governmental authority. This statement was made during a Senate Banking Committee hearing where he, along with other prominent bank CEOs, discussed the application of Anti-Money Laundering rules to crypto firms. The CEOs acknowledged the power of cryptocurrencies, decentralized finance, and blockchain technology as a threat to the traditional financial system.
Jamie Dimon, the CEO and Chairman of JPMorgan Chase, voiced his disapproval of cryptocurrencies to various US legislators, stating he would eliminate them if he had governmental power. During a session on Wall Street Firms' supervision from the Senate Banking Committee on December 6, Dimon replied to Massachusetts Senator Elizabeth Warren. Warren asserted that much of North Korea's missile program was financed by cryptocurrencies and used to aid Hamas. Dimon admitted his strong opposition to cryptocurrencies, linking them with illegal activities, such as smuggling and tax evasion. He said that if he were in power, he would put an end to it.
Dimon appeared before the Senate committee with the CEOs of Wells Fargo, Bank of America, Citigroup, BNY Mellon, Goldman Sachs, State Street, and Morgan Stanley. He has previously labelled cryptocurrencies as unregulated Ponzi schemes and Bitcoin as deceitful.
In the hearing, Warren also grilled the other CEOs on whether the same Anti-Money Laundering regulations that apply to US banks should be enforced on cryptocurrency firms, to which all agreed. However, the CEDAR Innovation Foundation, a blockchain-education focused body, criticized Warren's comments, stating they showed a confusion of blockchain technology.
CEDAR stated it was misleading to say that cryptocurrencies are more involved in illegal transactions than traditional currency. They added that the statements from Senator Warren and the bank CEOs present a real threat to the existing financial system, showing the undeniable potential of cryptocurrencies, decentralized finance, and blockchain technology.
Crypto's enemies are not just in the banking world. Well-known critic Senator Warren has often connected cryptocurrency transactions with terrorism and proposed laws to restrict the illegal use of digital assets. After Hamas' attack on Israel on October 7, many US legislators backed her efforts to highlight the part cryptocurrencies play in funding terrorist activities.
Published At
12/6/2023 11:09:37 PM
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