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JPMorgan Chase CEO Criticizes Bitcoin Again: Only Used for Crime, Government Should Shut It Down

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JPMorgan Chase CEO Criticizes Bitcoin Again: Only Used for Crime, Government Should Shut It Down

Despite JPMorgan Chase's ongoing development of blockchain technology applications, CEO Jamie Dimon has remained highly critical of cryptocurrencies for many years.

Jamie Dimon, CEO of JPMorgan Chase, Criticizes Bitcoin Again

During a hearing in the U.S. Senate, Jamie Dimon once again criticized cryptocurrencies, pointing out that the crypto industry allows for instant fund transfers and operates outside the regulatory framework that banks are subject to, including sanctions and anti-money laundering measures, claiming that the primary use of digital assets is for criminal activities.

He stated:

I have always been strongly against cryptocurrencies like Bitcoin. If I were the government, I would shut it down.

Senator Elizabeth Warren used this opportunity to emphasize that crypto companies should also adhere to banking secrecy laws and anti-money laundering regulations, as outlined in the "Digital Asset Anti-Money Laundering Act."

Jamie Dimon, CEO of JPMorgan Chase, Fires Back: "I don't care, I won't buy Bitcoin, but that doesn't mean it won't increase tenfold."

Crypto Community Fights Back

Tether advisor Gabor Gurbacs pointed out with data that banks have been fined over 7,400 times since the year 2000, with total fines exceeding $380 billion, suggesting that banks should keep quiet.

With assets exceeding $3 trillion, JPMorgan Chase's market value is more than twice that of the entire cryptocurrency market. Despite Jamie Dimon's years-long criticism of cryptocurrencies, JPMorgan Chase has been actively adopting blockchain technology.

JPMorgan's JPM Coin integrates with Partior for interbank transactions, significantly ahead of other U.S. entities.