{"id":26226,"date":"2023-12-06T20:17:32","date_gmt":"2023-12-06T20:17:32","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/if-i-was-the-government-id-close-it-down-chase-ceo-on-crypto\/"},"modified":"2023-12-06T20:17:35","modified_gmt":"2023-12-06T20:17:35","slug":"if-i-was-the-government-id-close-it-down-chase-ceo-on-crypto","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/if-i-was-the-government-id-close-it-down-chase-ceo-on-crypto\/","title":{"rendered":"\u2018If I was the government, I\u2019d close it down\u2019 \u2014 Chase CEO on crypto"},"content":{"rendered":"
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JPMorgan Chase chair and CEO Jamie Dimon told several United States lawmakers that if he had the authority in government, he would try to shut down crypto.<\/p>\n

In a Dec. 6 hearing of the Senate Banking Committee on oversight of Wall Street Firms, Dimon responded to questioning from Massachusetts Senator Elizabeth Warren, who claimed North Korea had funded much of its missile program using \u201cproceeds of crypto crime\u201d in addition to funding Hamas. The JPMorgan Chase CEO said he had \u201calways been deeply opposed to crypto\u201d and associated digital assets with \u201ccriminals\u201d and \u201cdrug traffickers\u201d in addition to tax avoidance.<\/p>\n

“If I was the government, I’d close it down,” said Dimon.<\/p>\n

JPMorgan Chase CEO Jamie Dimon addressing the U.S. Senate Banking Committee on Dec. 6<\/em><\/figcaption><\/figure>\n

The JPMorgan Chase CEO testified before the Senate committee alongside CEOs of Wells Fargo, Bank of America, Citigroup, BNY Mellon, Goldman Sachs, State Street and Morgan Stanley. Dimon has previously referred to cryptocurrencies as \u201cdecentralized Ponzi schemes\u201d and Bitcoin (BTC) as a \u201cfraud.\u201d<\/p>\n

Related: <\/em><\/strong>AI can be used in \u2018every single process\u2019 of JPMorgan\u2019s operations, says CEO<\/em><\/strong><\/p>\n

Warren questioned the other CEOs on whether crypto firms should be subject to the same Anti-Money Laundering (AML) rules U.S. banks are obligated to uphold \u2014 to which all responded in the affimative. In a statement to Cointelegraph, a spokesperson for the crypto education-focused organization CEDAR Innovation Foundation said Warren\u2019s claims revealed \u201ca lack of understanding of blockchain technology.\u201d<\/p>\n

\u201cIt is misleading to claim that crypto facilitates illicit finance any more so than traditional fiat currency,\u201d said CEDAR. \u201cThe statements by Senator Warren and the bank CEOs are a direct recognition of the promise of crypto, decentralized finance, and blockchain technology as a direct threat to the traditional financial system.\u201d<\/p>\n

The Massachusetts senator has been a vocal opponent of crypto in the U.S. government, often linking crypto transactions to terrorism and pushing for legislation aimed at cutting down on the illicit use of digital assets. In the wake of the Oct. 7 attack by Hamas on Israel, many U.S. lawmakers have supported Warren\u2019s efforts to raise attention to the role of crypto in financing terrorism.<\/p>\n

Magazine: <\/em><\/strong>Lawmakers\u2019 fear and doubt drives proposed crypto regulations in US<\/em><\/strong><\/p>\n