‘If I were the government, I would shut it down’ – JPMorgan CEO on crypto

JPMorgan Chase Chairman and CEO Jamie Dimon has told several US lawmakers that he would try to shut down crypto if he has power in government.

At a Dec. 6 hearing before the Senate Banking Committee on the Control of Wall Street Firms, Dimon responded to a question from Massachusetts Sen. Elizabeth Warren, saying North Korea has financed much of its missile program through the use of “crypto-crimes” in addition to cash. Hamas. JPMorgan Chase's CEO said he has “always been deeply opposed” to crypto and digital assets, in addition to tax evasion by “criminals” and “drug dealers”.

“If I were the government, I would shut it down,” Dimon said.

The CEO of JPMorgan Chase testified to the Senate committee, along with 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 “scam.”

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Warren asked other CEOs whether crypto companies should be subject to the same anti-money laundering laws that US banks are required to comply with – all responded in the affirmative. In a statement to Cointelegraph, a spokesperson for CEDAR Innovation Foundation, an organization focused on crypto education, said Warren's claim showed a “lack of understanding of blockchain technology.”

“To say that crypto facilitates illicit finance more than traditional fiat currency is misleading,” CEDAR said. “The statements made by Senator Warren and the bank CEOs are a direct acknowledgment of the promise that crypto, decentralized finance and blockchain technology are a direct threat to the traditional financial system.”

The Massachusetts senator has been an opponent of crypto in the US government, often linking crypto transactions to terrorism and pushing for legislation aimed at reducing the illegal use of digital assets. In the wake of the October 7 attacks on Israel by Hamas, many US lawmakers supported Warren's efforts to increase the role of the US in financing terrorism.

Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.