Jamie Dimon, the CEO of JP Morgan Chase, once more criticized cryptocurrency and said that if he were the US government, he would shut it down.
On Wednesday, he attended a Senate Banking Committee hearing in which he told lawmakers that crypto only facilitates money laundering, drug traffickers, criminals, and tax avoidance.
He stated that if he were the government, he would not hesitate to close it down, as he had always been against crypto, including Bitcoin and the rest.
His comments
Elizabeth Warren had asked the billionaire bank boss to elaborate on why crypto was a favorite of rogue nations, drug traffickers and terrorists.
He also added that with digital assets, it is possible to move money instantaneously and that it also grants a degree of anonymity.
The latest comments from the chief executive is not the first time that he has criticized Bitcoin and the other cryptocurrencies in the market.
Back in 2017, he had called Bitcoin a ‘fraud’ and had also slammed his daughter who had purchased a bit of the pioneer crypto token in the market.
The CEO of the biggest bank in the world also questioned if the supply of Bitcoin would truly be capped at 21 million tokens.
The criticism
He said that there was a possibility that once Bitcoin hits 21 million, Satoshi’s picture would pop up and laugh at everyone.
Even though Dimon has criticized Bitcoin and other decentralized crypto tokens that exist, he has been full of praise of the underlying technology that powers them.
His bank has taken advantage of blockchain technology to develop a digital coin called JPM Coin.
It operates on a permissioned blockchain, which means that it is not accessible publicly, like Bitcoin and Ethereum.
X users of the crypto industry did not waste time in highlighting this fact and also highlighted the number of times that regulators have fined banks like JP Morgan for breaking the rules.
The response
There are crypto advocates who have pushed back at the idea of criminals disproportionately using Bitcoin and other crypto tokens.
They have highlighted the fact that transactions on the Bitcoin network can be viewed by the public, as they operate on a transparent ledger, so tracking them is easy.
In the past, some government officials have also highlighted the benefits of cryptocurrencies. This includes Michael Morell, the former director of the CIA.
He stated that Bitcoin could be a ‘boon’ for law enforcement primarily because of the transparency it offers.
However, it is apparent that the United States regulators do not share the same opinion, given how the SEC is cracking down against businesses in the crypto industry.
In recent days, many lawsuits have been filed against different crypto exchanges by the securities regulator.