- Jamie Dimon, CEO of JPMorgan Chase, told lawmakers the government should shut down the crypto industry due to concerns about illicit transactions.
- Dimon has a long history of criticizing cryptocurrencies like Bitcoin, calling them “worthless” and saying they have no future.
- During a Senate hearing, Dimon stated his opposition to crypto as a tool for criminals and said “If I was the government, I’d shut it down.” His stance contrasts with crypto executives also testifying.
JPMorgan Chase CEO Jamie Dimon made headlines this week when he told lawmakers that the government should shut down the crypto industry. His blunt remarks came during a Senate Banking Committee hearing on Wednesday.
Dimon’s Longstanding Crypto Criticism
Dimon has never been shy about his disdain for cryptocurrencies like Bitcoin. He has repeatedly warned investors to stay away from Bitcoin and has voiced concerns about stablecoins needing proper regulation.
The JPMorgan chief’s stance against crypto is well-documented. He has said before that Bitcoin is “worthless” and that he sees no future for digital currencies.
Comments During Senate Hearing
During Wednesday’s hearing, Senator Elizabeth Warren (D-MA) asked Dimon whether he agrees that crypto should be subject to the same anti-money laundering rules as traditional banks. Dimon replied “Absolutely.”
Warren then asked for Dimon’s opinion on crypto as a tool for criminals looking to avoid government controls. Dimon responded definitively: “I’ve always been deeply opposed to crypto, bitcoin, etc. …If I was the government, I’d shut it down.”
Dimon cited crypto’s ability to enable illicit transactions as reason to shut it down. His comments put him at odds with crypto executives also testifying at the hearing, like FTX founder Sam Bankman-Fried.
Ongoing Crypto Regulation Efforts
Senator Warren has introduced legislation aimed at applying know-your-customer and anti-money laundering rules to various crypto industry participants.
Dimon’s call for shutting down crypto comes as U.S. lawmakers weigh how to best regulate digital assets. His remarks are the latest example of his very critical stance on cryptocurrencies.