JPMorgan CEO Jamie Dimon Advocates for Cryptocurrency Ban, Citing National Security Concerns

JPMorgan Chase CEO Jamie Dimon criticized bitcoin and other cryptocurrencies during a Senate Banking Committee hearing, suggesting that they should be banned. Responding to questions from Sen. Elizabeth Warren, Dimon expressed strong opposition to crypto, stating, "I've always been deeply opposed to crypto, bitcoin, etc. The only true use case for it is criminals, drug traffickers... money laundering, tax avoidance."

Dimon further emphasized his perspective, saying, "If I was the government, I'd close it down." Despite his critical stance on cryptocurrencies, JPMorgan Chase is actively engaged in blockchain, the underlying technology for the $1.6 trillion industry.

During the hearing, Dimon and other CEOs of major banks, responding to Warren's queries, concurred that crypto companies should be subjected to the same anti-money-laundering regulations as established financial institutions. This rare point of agreement between the banking leaders and Warren, known for her critical stance on the industry, focused on the importance of preventing terrorists, drug traffickers, and rogue nations from using cryptocurrencies for illicit activities.

Warren emphasized the need for congressional action, stating, "When it comes to banking policy, I am not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security. Terrorists, drug traffickers, and rogue nations should be barred from using crypto for their dangerous activities. It is time for Congress to act."