JPMorgan Chase CEO Jamie Dimon reiterated his strong opposition to cryptocurrency during a hearing with the Senate Banking Committee on Wednesday. Dimon, known for his previous critical remarks on Bitcoin, stated, “If I was the government, I’d close it down.”
Dimon, a longstanding critic of crypto, expressed concerns about its potential use by criminals, including drug traffickers, for anti-money laundering, and tax avoidance due to its somewhat anonymous nature.
Flashback: JPMorgan CEO: Bitcoin Has No Intrinsic Value, Regulators Will ‘Regulate the Hell Out Of It’
This statement came in response to Senator Elizabeth Warren’s comments on the use of crypto by entities like Hamas and Iran to evade the Bank Secrecy Act, a claim contested by the crypto industry.
The hearing, which was a scheduled event called “Annual Oversight of Wall Street Firms,” featured CEOs from major banks, including Goldman Sachs and CitiGroup.
Despite Dimon’s vocal anti-crypto stance, JPMorgan has quietly become a leader in blockchain innovation. The bank’s “JPM Coin,” a digital token running on the Ethereum blockchain, has gained traction for secure and low-cost transfers, with daily transactions surpassing $1 billion.
Related: JPMorgan Throws Cold Water On Bitcoin Bull Thesis
Dimon’s remarks coincided with a bullish trend in crypto markets, with Bitcoin trading near $44,000, rebounding from the challenges faced in 2022.
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