JPMorgan’s CEO, Jamie Dimon, has continued his strong opposition to Bitcoin, stating during a Senate Banking Committee hearing that if he had the authority, he would shut down the entire cryptocurrency industry.
“I’ve always been deeply opposed to crypto, bitcoin, etc.,” Dimon remarked to Senator Elizabeth Warren. He emphasized that the primary use cases for cryptocurrencies are related to criminal activities such as drug trafficking, money laundering, and tax evasion.
Warren, who advocates for stricter regulations to address illegal transactions in digital payments, found Dimon’s comments align with her goals. Dimon, along with other banking executives present at the hearing, agreed that cryptocurrency companies should adhere to the same anti-money-laundering regulations that govern major financial institutions.
Dimon, who has previously labeled cryptocurrencies as a fraud and characterized them as a “decentralized Ponzi scheme,” reinforced his stance by stating, “If I was the government, I’d close it down.”
Notably, despite his criticism of cryptocurrencies, JPMorgan is actively leveraging blockchain technology through its Onyx unit to innovate industry practices. The bank has also introduced its own digital token, JPM Coin, which is currently facilitating transactions exceeding $1 billion daily.