JPMorgan, $JPM, Chase CEO Jamie Dimon has said: "I've always been deeply opposed to crypto... If I were the government I'd close it down."
During a Senate hearing on Wednesday, JPMorgan Chase CEO Jamie Dimon expressed his strong opposition to the cryptocurrency industry, stating that if he had the authority, he would shut it down.
Responding to Senator Elizabeth Warren's question about the illicit use of cryptocurrencies by terrorists and criminals, Dimon emphasized the need for increased regulation in the largely unregulated and hard-to-trace cryptocurrency space. He highlighted concerns about money laundering and tax evasion facilitated by digital currencies. Warren called for updates to banking laws and expressed frustration over lobbyists impeding efforts to tighten regulations on digital currencies, including compliance with the Bank Secrecy Act.
Dimon's remarks come amid a challenging year for the crypto industry, marked by the conviction of Sam Bankman-Fried and a substantial settlement with Binance for violating anti-money laundering and sanctions regulations.
At the Senate hearing, Dimon and other bank CEOs assured that their institutions have implemented controls to identify and prevent illicit crypto transactions. Despite growing calls for government intervention, the price of bitcoin, the leading cryptocurre
