- Dimon responded by saying that he would “close down” Bitcoin if he were in charge.
- Notably, Dimon’s organization has substantial investments in blockchain technology.
The chief executive officer of JPMorgan Chase, Jamie Dimon, took aim at cryptocurrency—specifically Bitcoin (BTC)—during his appearance at a Senate Banking, Housing, and Urban Affairs committee oversight hearing in Washington, DC, today.
Senator Elizabeth Warren probed the head of JPMorgan for his thoughts on anti-money laundering throughout the session. When asked about this, Dimon responded by saying that he would “close down” Bitcoin if he were in charge.
Severe Criticism
Dimon’s position on BTC is based on the fact that criminals, including cybercriminals and drug traffickers, have begun to use digital assets to fund their illicit operations.
Moreover, the criminals, in his opinion, launder money and avoid paying taxes by using cryptocurrencies. In addition to stating that stablecoins need comprehensive regulation, he has repeatedly warned investors to avoid Bitcoin.
Notably, these discussions with Senator Warren are occurring just before the US senator is set to unveil the crypto Bill on which she has been laboring for some time.
Furthermore, Senator Warren has been attempting to persuade her fellow senators and members of the Senate Banking Committee to advocate for crypto regulation by using her position on the committee. To be more specific, she urged senators and committee members to join a letter demanding that banks discontinue crypto services by sending it to the OCC.
Notably, Dimon’s organization has substantial investments in blockchain technology, despite his steadfast and publicly stated disapproval of Bitcoin. The financial services business has lately been a part of conversations about a spot Bitcoin exchange-traded fund.
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