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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 Road companies, 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 needs to be banned.
“I’ve all the time been deeply against crypto, bitcoin, and many others.,” the top of the most important U.S. financial institution by property stated 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 expertise for the $1.6 trillion trade.
In earlier statements, Dimon has known 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 huge banks introduced earlier than the committee as a part of a routine listening to on the trade, agreed that crypto firms ought to face the identical anti-money-laundering laws as the key monetary establishments.
The subject marked a uncommon observe of unity between the banking leaders and Warren, normally a harsh critic of the trade.
“In relation to banking coverage, I’m not normally holding fingers with the CEOs of multibillion-dollar banks, however this can be a matter of nationwide safety. Terrorists, drug traffickers and rogue nations needs to be barred from utilizing crypto for his or her harmful actions. It’s time for Congress to behave,” Warren stated.
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