Jamie Dimon Continues Anti-Crypto Crusade, Tells US Government He’d Close It Down

Jamie Dimon, billionaire, and CEO of the biggest financial institution in america, JPMorgan Chase, once more raised disdain and criticism in direction of the crypto trade. At a latest Senate listening to, Dimon had solely damaging feedback to situation, going as far as to inform the US authorities to crush crypto. 

Jamie Dimon is at it once more. As one of the vital vocal opponents of the trade, the billionaire CEO of JPMorgan Chase informed america authorities to close the trade down. Dimon and the heads of six different giant banks appeared on the December 6 hearing of the Senate Banking Committee on oversight of Wall Street firms. The CEOs of Wells Fargo, Financial institution of America, Citigroup, BNY Mellon, Goldman Sachs, State Road and Morgan Stanley had been all current on the listening to. 

Shut It Down: Dimon

Responding to questions posed by Massachusetts Senator Elizabeth Warren asking his opinion of why crypto may very well be a beautiful software for dangerous actors, the JPMorgan Chase CEO mentioned he maintains his deep opposition to crypto and related digital property with “criminals,” “drug traffickers,” and tax evaders. In her line of questioning, Warren claimed North Korea funded a lot of its missile program utilizing the “proceeds of crypto crime” and funds terror group Hamas.

Including to his disapproval of the trade, Dimon made a poignant assertion:

“If I used to be the federal government, I’d shut it down.”

Dimon additional famous crypto may bypass authorities controls. 

Sen. Warren, one other thorn in crypto’s facet, commented in the course of the listening to:

“With regards to banking coverage, I’m not often holding fingers for the CEOs of multibillion greenback banks, however it is a matter of nationwide safety.” 

Senator Warren requested the opposite distinguished CEOs current whether or not crypto companies needs to be topic to the identical anti-money laundering guidelines banks should uphold – all mentioned sure. 

Opinion

Dimon’s feedback are unsurprising, given he beforehand referred to cryptocurrencies as “decentralised Ponzi schemes.” Dimon has focused cryptocurrencies and as soon as urged regulators to focus their efforts on investigating cryptocurrencies. He said regulators ought to “cease beating up on banks and focus extra on crypto.” Curiously, although, whereas Dimon continues his anti-crypto sentiment, the CEO recently revealed he would sell 1 million shares in JPMorgan starting in 2024. 

Dimon’s determination is probably going spurred by the deep disaster the US banking system finds itself in and the insecurity in banks. Based on stories, Dimon’s determination to promote his shares is for “tax planning” and “diversification” causes, however does the CEO share the general damaging sentiment in direction of banks, and would possibly he be taking a look at options, say “digital options”, to “diversify” his portfolio? Who is aware of. 

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