‘If I used to be the federal government, I’d shut it down’ | USAEMALL.com

JPMorgan Chase CEO Jamie Dimon lashed out at bitcoin and its friends, suggesting in remarks Wednesday on Capitol Hill that cryptocurrencies must be banned.

“I’ve always been deeply opposed to crypto, bitcoin, etc.,” the top of the biggest U.S. financial institution by property mentioned underneath questioning from Sen. Elizabeth Warren, D-Mass., throughout a Senate Banking Committee listening to. “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 added.

The remarks are the newest broadside from Dimon in opposition to cryptocurrencies, although his financial institution is closely concerned in blockchain, the enabling know-how for the $1.6 trillion business.

In earlier statements, Dimon has referred to as bitcoin “a hyped-up fraud,” a remark he later walked again. He had additionally likened it to a “pet rock.”

Under additional questioning from Warren, Dimon and several other different CEOs of enormous banks introduced earlier than the committee as a part of a routine listening to on the business, agreed that crypto firms ought to face the identical anti-money-laundering laws as the most important monetary establishments.

The subject marked a uncommon be aware of unity between the banking leaders and Warren, often a harsh critic of the business.

“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 mentioned.

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