JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks throughout the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street companies, on Capitol Hill in Washington, U.S., December 6, 2023.
Evelyn Hockstein|Reuters
JPMorgan Chase CEO Jamie Dimon blasted bitcoin and its peers, recommending in remarks Wednesday on Capitol Hill that cryptocurrencies need to be prohibited.
“I’ve always been deeply opposed to crypto, bitcoin, etc.,” the head of the biggest U.S. bank by properties stated under questioning fromSen Elizabeth Warren, D-Mass, throughout a Senate Banking Committee hearing. “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,” he included.
The remarks are the most recent broadside from Dimon versus cryptocurrencies, though his bank is greatly associated with blockchain, the allowing innovation for the $1.6 trillion market.
In previous declarations, Dimon has actually called bitcoin “a hyped-up fraud,” a remark he later on strolled back. He had actually likewise compared it to a “pet rock.”
Under additional questioning from Warren, Dimon and a number of other CEOs of big banks brought before the committee as part of a regular hearing on the market, concurred that crypto business need to deal with the exact same anti-money-laundering guidelines as the significant banks.
The subject marked an uncommon note of unity in between the banking leaders and Warren, generally a severe critic of the market.
“When it comes to banking policy, I am not usually holding hands with the CEOs of multibillion-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 stated.
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