JPMorgan Chase CEO Jamie Dimon Calls for Crypto Shutdown in U.S. Senate Hearing

Earlier today, Jamie Dimon, the Chairman of the Board and CEO of global finances services firm JPMorgan Chase & Co., expressed strong opposition to cryptocurrencies during a Senate Banking Committee hearing, suggesting the government should consider shutting down the entire industry. He raised concerns about crypto’s ability to bypass government controls and its potential appeal to bad actors.

“I’ve always been deeply opposed to crypto, bitcoin, etc … If I was the government, I’d close it down.“

Dimon’s criticism aligns with his past comments on digital assets, including urging individuals to avoid Bitcoin and advocating for stricter regulations on stablecoins.

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These remarks come amid heightened scrutiny of the crypto industry in Washington. According to a report by Sarah Wynn for The Block, Senator Elizabeth Warren is pushing for the Digital Asset Anti-Money Laundering Act, which aims to extend Know Your Customer (KYC) rules to various players within the crypto space.

During the hearing, Warren questioned Dimon and several other bank CEOs, including Charles Scharf (Wells Fargo), Brian Moynihan (Bank of America), and David Solomon (Goldman Sachs), about their stance on crypto regulations. All four CEOs expressed unanimous support for imposing the same anti-money laundering rules on crypto as traditional financial institutions.

Highlighting the unusual unity on this issue, Warren stated that while she rarely agrees with CEOs of multibillion-dollar banks, this is a matter of national security that requires collaboration.

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• Source: https://www.cryptoglobe.com/latest/2023/12/jpmorgan-chase-ceo-jamie-dimon-calls-for-crypto-shutdown-in-u-s-senate-hearing/