Jamie Dimon, CEO of JPMorgan, called for a crypto ban during a recent senate hearing. He expressed a strong opposition to the digital asset citing criminal activities.
Dimon expressed his opinion in the recent Senate Banking Committee hearing that hosted top leaders from the finance world.
Jamie Dimon champions crypto ban
The CEO of the largest United States bank maintains that cryptocurrencies only have illegal use cases. He asserted that he would shut down cryptocurrency if he had the power.
“I’ve always been deeply opposed to crypto, bitcoin, etc. Senator Warren pointed out that the only true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance”…” because it is somewhat anonymous and because you can move money instantaneously,” … “If I were the government I’d close it down,” he said.
Furthermore, he agreed that cryptocurrency companies should face the same regulations as traditional financial institutions such as anti-money laundering regulations. Senator Elizabeth Warren restated this opinion during her questioning.
However, it is important to note that despite CEO Jamie Dimon’s opposing stance on cryptocurrencies, JPMorgan supports blockchain and is actively involved in the technology.
In addition, Chase Bank’s recent move to ban cryptocurrency transactions effective October 16 was also discussed. The move was due to concerns about scams.
Dimon and JPMorgan’s opposing stance on Bitcoin
Meanwhile, this is not the first time Jamie Dimon has expressed his skepticism about cryptocurrencies. He has expressed his doubts about Bitcoin and its underlying technology over the years, frequently citing its lack of inherent value and susceptibility to fraud.
He has severally questioned Bitcoin’s legitimacy as an investable asset. Also, he has criticized the asset in the past calling it a “hyped-up fraud.”
However, the constant backlash from Dimon did not deter JPMorgan from involving itself in blockchain technology. According to reports, JPMorgan Chase bank has amassed over 1.6 million customers since it launched its service two years ago in Britain.
Despite the opposing stance of its CEO, JPMorgan continues to engage and utilize the advantages that come with blockchain technology.
Speaking on this, Dimon stated that it is not in his place to tell his clients what to do.
Featured image from CNN
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