JPMorgan CEO calls on government to ban and shut down cryptocurrency; “If I was the government, I’d close it down”
JPMorgan Chase CEO Jamie Dimon is calling on the government to implement a cryptocurrency ban. Dimon made waves on Capitol Hill during his testimony before the U.S. Congress on Wednesday, suggesting that cryptocurrencies should be shut down and banned.
Dimon, known for his historical criticism of Bitcoin, reiterated his concerns about the potential misuse of these digital assets. He emphasized that the government holds the authority to implement rigorous regulations or, if necessary, shut down the entire cryptocurrency space.
“I’ve always been deeply opposed to crypto, bitcoin, etc.,” the head of the largest U.S. bank by assets said under questioning from Sen. Elizabeth Warren, D-Mass., during a Senate Banking Committee hearing. “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.
Dimon’s recent comments add to his ongoing criticism of cryptocurrencies, despite his bank’s active involvement in blockchain, the foundational technology for the $1.6 trillion industry.
In past remarks, Dimon has dismissed Bitcoin as a “hyped-up fraud,” a statement he later retracted. He also compared it to a “pet rock.”
During a routine hearing on the industry where Dimon and other CEOs of major banks were questioned by Senator Warren, they concurred that crypto companies should be subject to the same anti-money-laundering regulations as major financial institutions.
This agreement on the need for regulation marked a rare point of unity between the banking leaders and Senator Warren, who is typically a staunch critic of the industry.
“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 said.