JPMorgan Chase chair and CEO Jamie Dimon told several United States lawmakers that if he had the authority in government, he would try to shut down crypto.
In a Dec. 6 hearing of the Senate Banking Committee on oversight of Wall Street firms, Dimon responded to questioning from Massachusetts Senator Elizabeth Warren, who claimed North Korea had funded much of its missile program using “proceeds of crypto crime” in addition to funding Hamas. The JPMorgan Chase CEO said he had “always been deeply opposed to crypto” and associated digital assets with “criminals” and “drug traffickers” in addition to tax avoidance.
“If I was the government, I’d close it down,” said Dimon.
The JPMorgan Chase CEO testified before the Senate committee alongside the CEOs of Wells Fargo, Bank of America, Citigroup, BNY Mellon, Goldman Sachs, State Street and Morgan Stanley. Dimon has previously referred to cryptocurrencies as “decentralized Ponzi schemes” and Bitcoin (BTC) as a “fraud.”
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Warren questioned the other CEOs on whether crypto firms should be subject to the same Anti-Money Laundering rules U.S. banks are obligated to uphold — to which all responded in the affirmative. In a statement to Cointelegraph, a spokesperson for the crypto education-focused organization CEDAR Innovation Foundation said Warren’s claims revealed “a lack of un
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Author: Turner Wright
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