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Jamie Dimon Advises Government to ‘Close Down Crypto’

Crypto | Dec 8, 2023

Jamie dimon If I was the government Id close it down - Jamie Dimon Advises Government to 'Close Down Crypto'

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Jamie Dimon, CEO of JPMorgan Chase, reiterates his critical view of cryptocurrencies, advocating for their ban despite his bank's active involvement in blockchain technology.

Responding to Sen. Elizabeth Warren, D-Mass., Jamie Dimon said:

“I’ve always been deeply opposed to crypto, bitcoin, etc.  The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance. If I was the government, I’d close it down,” he added.

  • Jamie Dimon expressed his deep opposition to cryptocurrencies, labeling them as tools for criminals, drug traffickers, and for money laundering and tax avoidance.  Dimon suggests a call for government action.
  • Despite Dimon's criticism, JPMorgan Chase is significantly involved in blockchain, the foundational technology for cryptocurrencies, with initiatives like JPM Coin.

See:  Bank-Issued Deposit Tokens Emerge and JP Morgan Sees Them Going DeFi

  • Both banking leaders and Senator Elizabeth Warren, typically a critic of big banks, agreed on the need for crypto companies to adhere to the same anti-money-laundering regulations as major financial institutions.
  • The discussion also touched on national security, with Warren emphasizing the urgency for Congress to regulate crypto to prevent its misuse by terrorists and rogue nations.

Significance

This development is significant as it showcases a prominent financial leader's staunch opposition to cryptocurrencies, juxtaposed against the backdrop of his own bank's adoption of related technology.  This highlights the ongoing tension between traditional banking perspectives and the evolving digital currency sector.


NCFA Jan 2018 resize - Jamie Dimon Advises Government to 'Close Down Crypto'The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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