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Crypto? "If I were the government, I'd shut it down"

Jamie Dimon, CEO of banking giant JPMorgan, again lashed out at crypto during a Banking Committee hearing before the U.S.

By Luc Vesters
• 2 min read

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Jamie Dimon, CEO of banking giant JPMorgan, again lashed out at crypto during a Banking Committee hearing before the U.S. Senate. "If I were the government, I would shut it down," the 67-year-old said of cryptocurrencies. Dimon has always been a big opponent of cryptocurrencies. The "real use case" of crypto is for "criminals", "drug dealers" and "tax evasion".

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The heads of Wells Fargo, Bank of America, Citigroup, BNY Mellon, Goldman Sachs, State Street and Morgan Stanley were also present. The participants unanimously agreed with U.S. Senator Elizabeth Warren's question about whether crypto companies should be subject to the same anti-money laundering guidelines as American banks.

Jamie Dimon also previously made no secret of his opposition. "I am a big skeptic of crypto tokens," the chief banker said at a Congressional hearing last year. He described cryptocurrencies such as Bitcoin as "decentralized Ponzi schemes". After the collapse of the FTX crypto exchange, he criticized US regulators. According to him, they had not intervened in time.

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