JPMorgan Takes a Stand Against Cryptocurrency
“I’ve always been deeply opposed to bitcoin, crypto, etc.,” JPMorgan Chase CEO Jamie Dimon told senators in a hearing examining the U.S. banking industry. He even expressed a desire to ban cryptocurrencies if he had the authority.
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“I've always been deeply opposed to bitcoin, crypto, etc.,” JPMorgan Chase CEO Jamie Dimon told
senators in a hearing examining the U.S. banking industry. He even
expressed a desire to ban cryptocurrencies if he had the authority.
These
comments followed Senator Elizabeth Warren's spotlight on
cryptocurrency use in terrorist and criminal activities, citing
instances involving North Korea and Hamas.
The
irony is evident given JPMorgan's active utilization of blockchain
technology (intrinsically linked to cryptocurrencies) for wholesale
payments. Furthermore, the bank regularly publishes articles exploring
the cryptocurrency industry.
Adding
to this, JPMorgan is a notable investor in ConsenSys, the company
behind one of the most renowned crypto wallets, Metamask.
Renowned crypto attorney John Deaton pointed out that JPMorgan has faced
fines exceeding $35 billion for illicit and fraudulent activities,
subtly suggesting that fiat currencies are more implicated in criminal
activities than cryptocurrencies.
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