According to Jamie Dimon, the cryptocurrency industry should be shut down.

According to Jamie Dimon, the cryptocurrency industry should be shut down.

Jamie Dimon, CEO of JPMorgan Chase, stated to legislators on Wednesday that he would shut down the cryptocurrency industry if given the opportunity.

During a discussion with Senator Elizabeth Warren, D.-Mass., he expressed strong disapproval towards cryptocurrencies like bitcoin. He mentioned the potential use of these digital currencies by terrorists, drug dealers, and rogue nations to fund their illegal activities. He further stated that if he were in charge, he would shut down these forms of currency.

Dimon, regarded by many as America’s most prominent banker, said bad actors use digital currencies to launder money and dodge taxes, noting that cryptocurrency remains largely unregulated and hard to trace. He has long criticized the emerging crypto sector, once calling it a “fraud” and likening it to historical financial manias.

$4.3 billion settlement with another major exchange, Binance, for its violation of anti-money laundering and U.S. government sanctions.

Dimon and other prominent CEOs from major banks appeared on Capitol Hill on Wednesday for a Senate hearing to discuss the regulation of Wall Street. They stated that their banks have implemented measures to identify and stop unlawful cryptocurrency transactions.

Warren, a well-known opponent of the financial industry, called on the gathered executives to back the “Digital Asset Anti-Money Laundering Act of 2023,” legislation that would expand and strengthen banking regulations in order to prevent the illicit use of cryptocurrency for money laundering, ransomware schemes, financial deception, and other unlawful practices.

Despite calls for increased regulation from the government, the value of the top cryptocurrency, bitcoin, has risen by over 150% this year to almost $44,000, as reported by CoinDesk.

Alain Sherter