JP Morgan Chase CEO Jamie Dimon has again slammed crypto—today saying that he’d “close it down” if he were the U.S. government.
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance,” Dimon told lawmakers during a Senate Banking Committee hearing Wednesday.
“If I was the government, I’d close it down,” he added. “I’ve always been opposed to crypto, Bitcoin, etcetera.”
Dimon’s comments came after Elizabeth Warren (D-Mass.) asked the billionaire bank boss why “terrorists, drug traffickers and rogue nations” like crypto.
He went on to add that you can move money “almost instantaneously” with digital assets and that it was “somewhat anonymous.”
The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be dealt with—and now, according to Bitcoin skeptic and JPMorgan boss Jamie Dimon.
Dimon, who famously called Bitcoin a “fraud” back in 2017, made the comments in a letter to shareholders today.
“There are serious emerging issues that need to be dealt with—and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial...
Dimon’s latest comments are not the first time he’s criticized Bitcoin and other cryptocurrencies: he famously called Bitcoin a “fraud” back in 2017, and criticized his own daughter because she bought a bit of the biggest cryptocurrency by market cap.
The chief of the world’s biggest bank also once questioned whether Bitcoin would really have its supply capped at 21 million coins, saying: “Maybe it’s gonna get to 21 million and Satoshi’s picture is gonna come up and laugh at you all.”
Despite criticizing Bitcoin and decentralized cryptocurrencies, Dimon has praised its underlying technology and his bank has used blockchain for projects such as its JPM Coin, a digital coin that runs on a permissioned blockchain (a distributed ledger that is not publicly accessible like Ethereum or Bitcoin.)
The crypto industry’s X (formerly Twitter) users were quick to point this out—especially highlighting the amount of times JP Morgan and other banks have been fined by regulators for breaking rules.
J.P. Morgan CEO, Jamie Dimon: "The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."
The Data: Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion.
remember when jpm got fined for not only failing to report madoff's suspicious transactions but using the information to protect its own investments https://t.co/ba9brJL8ropic.twitter.com/gk5EZbGWDM
Crypto advocates often push back at the notion that Bitcoin or other digital assets are disproportionately used by criminals, highlighting the fact that Bitcoin, in particular, operates on a transparent ledger and transactions can very easily be tracked.
Some government officials in the past, notably former CIA Director Michael Morell, have suggested that Bitcoin is actually a “boon” for law enforcement, considering how transparent it really is.
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Formula 1 has renewed its partnership with exchange platform Crypto.com, extending the agreement through 2030 as both entities seek to capitalize on their shared momentum.
The renewed partnership will see Crypto.com continue to feature prominently at key Formula 1 events, including the Miami Grand Prix, where it has been the title sponsor since the race’s inception in 2022.
The deal, first inked in 2021, marked Formula 1’s foray into the crypto world at a time when digital assets were experienc...
Mo Shaikh, a co-creator of the Aptos blockchain and co-founder and CEO of the Aptos Labs firm that helps support it, announced Thursday that he's leaving the company to focus on a "new chapter."
"Today, I am stepping away from Aptos Labs to start a new chapter," Shaikh wrote on X. "One of my true passions lies in building companies from the ground up, and we have done that at Aptos Labs by building a world-class team."
"I leave Aptos Labs with the utmost confidence in the team," he continued, "a...
Building on the momentum of anticipated changes to U.S. crypto policy, Binance.US said it aims to restore its USD services in early 2025, according to a statement shared with Decrypt.
It marks the exchange's first major operational shift as regulatory pressure forced the exchange to suspend fiat trading last year.
The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals.
"While I can't provide a de...
