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Dimon blasts bitcoin

JPMorgan chief Jamie Dimon is continuing his anti-bitcoin tirade, telling senators on Capitol Hill that if he was in charge of Government he would shut the industry down.

2 comments

Dimon blasts bitcoin

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

“I’ve always been deeply opposed to crypto, bitcoin, etc.,” Dimon told Sen. Elizabeth Warren, during a Senate Banking Committee hearing. “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.”

His words were music to the ears of Warren, who is trying to impose restrictions to combat illicit transactions in digital payments.

Dimon agreed with other banking CEOs called to testify that crypto companies should face the same anti-money-laundering regulations as the major financial institutions.

The JPMorgan chief, who has previously dismissed crypto as a fraud and a "decentralised ponzi scheme", went further, telling Warren: “If I was the government, I’d close it down.”

Behind the harsh words, JPMorgan is utilising the technology behind bitcoin to upend industry standard practices via its blockchain-based Onyx unit. The firm has also launched its own token, JPM Coin, which is currently moving over $1 billion per day.

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Comments: (2)

A Finextra member 

Fortunately Jamie Dimon is not "the government". Fortunately Senator Warren cannot, on her own pass laws and then sign into law the banning of crypto. For that there is a process, like in any normal democracy. And even if a law would be passed and signed into law, that would still not close down crypto. It is sad that Jamie Dimon is not more educated on crypto, I understand Senator Warren is probably too old to get it. But the use case for crypto really is not just criminal, tax avoidance. Just like bans are not only used by criminals. Because if you regulate it in the right way (like in Europe for example and few other countries) you can do the right AML / KYC. Just like in banking where still criminal things happen, in spite of all the controls.

Alex MacCaskill Director at IIB

Dimon is quoted as saying,  “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.”

Maybe his final four words were excluded, "...and that's our job."

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