In a recent Senate committee hearing, JPMorgan Chase chief executive Jamie Dimon slammed digital assets, saying he would eradicate them if he were the United States government. The executive informed the Senate Banking Committee lawmakers that crypto offers a haven for illicit finance, criminals, and tax avoidance.
Dimon leveraged his Wednesday appearance before the Senate Banking Committee to label crypto as a conduit for drug traffickers and money laundering schemes. He urged the lawmakers to reconsider the US position relative to the digital assets ecosystem.
JPMorgan Chief Urges Lawmakers to Eradicate Bitcoin
The chief executive of the multinational investment bank indicated that he would oppose and close down crypto if he were the federal government. He hardly spared Bitcoin in his remarks that tore down the viability of crypto, terming it a threat to the US banking sector.
Dimon criticism of the cryptocurrency ecosystem arose from Massachusetts Senator Elizabeth Warren, who inquired from the billionaire bank chief his thoughts on the preference for crypto portrayed by rogue nations, drug traffickers, and terrorists.
Dimon added that crypto preference arises from the capability to move money using digital assets and remain anonymous instantaneously.
Dimon scathing attacks towards the crypto industry align with the previous criticism he leveled against Bitcoin. He famously labeled Bitcoin a fraud in 2017 and even rebuked his daughter for acquiring several units of the leading cryptocurrency by market capitalization.
The chief executive of the global largest bank had previously expressed concern regarding Bitcoin’s capability to cap the supply at 21 million units. He joked that Bitcoin would realize the 21 million mark and have Satoshi emerge laughing at the token holders.
JPMorgan Executive Contradictory Perception Towards Cryptocurrency
Dimon’s statement before the US lawmakers portrays a contrasting account for an executive who often praises the underlying technology despite condemning Bitcoin and other decentralized crypto.
Recently, JPMorgan Chase joined other traditional finance institutions (TradFi), leveraging blockchain to execute various projects. Such is evident in the bank unveiling JPM Coin – a digital coin running on the permissioned blockchain. Unlike Bitcoin and Ethereum, JPM Coin utilizes a distributed ledger, though inaccessible to the public.
The crypto industry faulted Dimon for his negative perspective toward digital assets. The X users illustrated the multiple instances in which JPMorgan and other TradFi institutions bore fines for breaching rules and regulators’ policies.
Crypto advocates oppose the notion advanced by the bank that digital assets and Bitcoin are catalysts for crime and are widely utilized for their anonymity. Instead, they indicate that Bitcoin runs on a transparent ledger with transactions easily tracked.
Dimon overlooks the support that Bitcoin won among government officials led by ex-director of the Central Intelligence Agency (CIA) Michael Morell. Given its extreme transparency, he labeled Bitcoin a boon and catalyst for grabs by law enforcement.
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