JPMorgan Chase CEO Jamie Dimon assaulted Bitcoin and other cryptocurrencies on Wednesday, recommending that they’re just beneficial for lawbreakers and might also be prohibited.
“If I were the federal government, I ‘d close it down,” Dimon stated of the crypto market throughout remarks on Capitol Hill on Wednesday.
Bitcoin, Banks, and Crime
Dimon was one amongst a number of CEOs of the 8 biggest U.S. banks to affirm before the Senate Banking Committee on Wednesday at a hearing worrying yearly oversight of Wall Street companies.
His remarks remained in reaction to questioning from senator Elizabeth Warren (D-MA), an infamous congressional crypto doubter, who asked why crypto has actually ended up being “such an appealing monetary tool for terrorists, drug traffickers, and rogue countries.”
“I’ve constantly been deeply opposed to crypto, Bitcoin, and so on,” addressed Dimon. “The just real usage case for it is [for] bad guys– drug traffickers, anti-money laundering, tax avoidance … which is an usage case.”
The CEO argued that crypto comes in handy for these functions because it is “rather confidential,” provides rapid deals, and naturally bypasses all of the limitations of banking organizations controlled by the federal government, which undergo anti-money laundering (AML),
