1 year ago
JPMorgan Chase CEO Jamie Dimon told U.S. senators successful a legislature proceeding that helium would adjacent down crypto if helium were the government. Emphasizing that helium has ever been “deeply opposed” to crypto and bitcoin, the enforcement stressed that the existent usage lawsuit of crypto is criminals, cause traffickers, wealth laundering, and taxation avoidance.
Jamie Dimon Wants to Shut Down Crypto, Bitcoin
The main enforcement serviceman of planetary concern slope JPMorgan Chase shared his presumption astir crypto and bitcoin connected Wednesday during the Senate Banking Committee’s yearly Wall Street oversight hearing.
Responding to U.S. Senator Elizabeth Warren’s question astir wherefore cryptocurrencies are an charismatic instrumentality for criminals, Dimon stated:
I’ve ever been profoundly opposed to crypto, bitcoin, etc. You pointed retired the existent usage lawsuit for it is criminals, cause traffickers, anti-money laundering, taxation avoidance.
“That is simply a usage lawsuit due to the fact that it is somewhat anonymous, not fully, and due to the fact that you tin determination wealth instantaneously due to the fact that it doesn’t spell done each these systems built up implicit galore years: Know Your Customer [KYC], sanctions, OFAC [Office of Foreign Assets Control] — they tin bypass each of that,” the JPMorgan brag emphasized, adding:
If I were the government, I’d adjacent it down.
“Today’s terrorists person a caller mode to get astir the Bank Secrecy Act — cryptocurrency,” Senator Warren claimed. “I’m not usually holding hands with the CEOs of multibillion-dollar banks, but this is simply a substance of nationalist security.”
Dimon has ever been skeptical astir crypto and bitcoin. He antecedently said crypto tokens are “decentralized Ponzi schemes.” In January, helium called bitcoin “a hyped-up fraud” and likened the cryptocurrency to a favored rock. He besides believes that Bitcoin’s pseudonymous creator Satoshi Nakamoto could region the cryptocurrency’s proviso limit.
Responding to Dimon’s testimony, crypto proponents expressed connected societal media level X that if helium thinks helium tin unopen down bitcoin, helium doesn’t recognize it. Many pointed retired that banks and fiat wealth are utilized much heavy by criminals than crypto. Vaneck’s manager of integer plus strategy, Gabor Gurbacs, commented: “Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion. Banks should enactment silent.” He added:
JPMorgan Chase genitor institution is the 2nd astir penalized fiscal instauration with adjacent to $40 cardinal successful fines for 272 violations since 2000. Jamie Dimon is successful nary presumption to knock bitcoin with this benignant of way record. They should commencement the proceeding with these stats.
Lawyer John Deaton called Dimon a hypocrite. “Who’s the transgression Jamie Dimon? Let maine inquire you a question: In the past 5 years erstwhile JPMorgan has been fined implicit thirty-five cardinal dollars ($35,000,000,000) for illicit and fraudulent activities, did immoderate of your unit usage bitcoin oregon crypto?” helium asked.
Even X’s “readers added context” pointed retired that radical mightiness privation to know: “Less than 1% of the trillions transacted annually successful crypto are illicit. The UN estimates that annually betwixt 2% to 5% of planetary GDP ($800 cardinal – $2 trillion) is utilized for illicit activities and wealth laundering done the accepted banking strategy and cash.”
What bash you deliberation astir JPMorgan Chase CEO Jamie Dimon wanting to unopen down crypto and bitcoin? Let america cognize successful the comments conception below.
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