Current:Home > ScamsJamie Dimon on the cryptocurrency industry: "I'd close it down"-LoTradeCoin
Jamie Dimon on the cryptocurrency industry: "I'd close it down"
View Date:2024-12-24 10:51:46
JPMorgan Chase CEO Jamie Dimon told lawmakers on Wednesday that he would pull the plug on the cryptocurrency industry if he had the power.
"I've always been deeply opposed to crypto, bitcoin, etcetera," he said in response to a question from Sen. Elizabeth Warren, D.-Mass., about the use of cryptocurrencies by terrorists, drug traffickers and rogue nations to finance their activities. "If I was the governments, I'd close it down."
Dimon, regarded by many as America's most prominent banker, said bad actors use digital currencies to launder money and dodge taxes, noting that cryptocurrency remains largely unregulated and hard to trace. He has long criticized the emerging crypto sector, once calling it a "fraud" and likening it to historical financial manias.
Warren said the nation's banking laws need to be updated, but that lobbyists for the crypto industry are working to block legislation to tighten rules on digital currencies, including compliance with the Bank Secrecy Act.
Dimon's comments follow a tumultuous year for the crypto industry, including the November conviction of Sam Bankman-Fried, the former CEO of bankrupt exchange FTC on multiple counts of fraud, and a $4.3 billion settlement with another major exchange, Binance, for its violation of anti-money laundering and U.S. government sanctions.
Dimon and other leading bank CEOs, who were on Capitol Hill Wednesday for a Senate hearing on regulating Wall Street, testified that their institutions have controls in place to detect and halt illicit crypto transactions.
Warren, a noted critic of Wall Street, urged the assembled financial executives to support the "Digital Asset Anti-Money Laundering Act of 2023," a bill that would extend and toughen banking laws to prevent the use of crypto for money laundering, ransomware attacks, financial fraud and other illegal activities.
Despite calls for a government crackdown, the price of the world's most important cryptocurrency — bitcoin — has surged more than 150% this year to nearly $44,000, according to price tracker CoinDesk.
- In:
- Elizabeth Warren
- Cryptocurrency
- JPMorgan Chase
- Jamie Dimon
Alain Sherter covers business and economic affairs for CBSNews.com.
TwitterveryGood! (2924)
Related
- Fate of Netflix Series America’s Sweethearts: Dallas Cowboys Cheerleaders Revealed
- Pregnant Francesca Farago Shares Glimpse Into “Baby Moon Bliss” With Jesse Sullivan
- Los Angeles News Anchor Chauncy Glover Dead at 39
- Olympic Gymnast Shawn Johnson East Reveals What Led to 8-Year Rift With Nastia Liukin
- A Pipeline Runs Through It
- Bitcoin spikes to record as traders expect Trump’s victory to boost cryptocurrencies
- General Hospital's Dominic Zamprogna Shares Message to Kelly Monaco After Her Exit
- Donald Trump’s Daughter Ivanka Trump Shares Her Life Lessons in Honor of Her 43rd Birthday
- Homes of Patrick Mahomes, Travis Kelce burglarized, per reports
- Free pizza and a DJ help defrost Montana voters lined up until 4 a.m. in the snow to vote
Ranking
- Queen Bey and Yale: The Ivy League university is set to offer a course on Beyoncé and her legacy
- Appeals court orders new trial for man on Texas’ death row over judge’s antisemitic bias
- Opportunity for Financial Innovation: The Rise of SW Alliance
- AP Race Call: Clark wins Massachusetts U.S. House District 5
- Man who stole and laundered roughly $1B in bitcoin is sentenced to 5 years in prison
- Prince William Shares Insight Into Kate Middleton’s Health After Completing Chemotherapy Treatment
- Republicans easily keep legislative supermajorities in Kentucky
- 5 people are killed in Arizona when a plane crashes through an airport fence and collides with a car
Recommendation
-
CRYPTIFII Introduce
-
Tyka Nelson, sister of late music icon Prince, dies at 64: Reports
-
NFL trade deadline live updates: Latest rumors, news, analysis ahead of Tuesday cutoff
-
Louisiana lawmakers return to Capitol for special session focused on tax reform
-
Karol G addresses backlash to '+57' lyric: 'I still have a lot to learn'
-
Woman who pleaded guilty to 1990 'clown' murder released from Florida prison
-
When does Part 2 of 'Outer Banks' Season 4 debut? Release date, trailer, cast, episode list
-
Is Rivian stock a millionaire maker? Investors weigh in.