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JPMorgan CEO Jamie Dimon says he’d shut down Bitcoin if was the government

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on Dec 6, 2023
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  • JPMorgan CEO Jamie Dimon says he would close down Bitcoin and crypto if he was the government.
  • He says crypto is for criminals, drug traffickers and money laundering among other illegal activities.
  • Dimon was speaking at a Senate hearing involving major bank CEOs on Wednesday.

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JPMorgan Chase CEO Jamie Dimon was on Wednesday unequivocal about what he’d do to Bitcoin and crypto were he the government.

Speaking during a Senate hearing, the banker told lawmakers:

“I’ve always been deeply opposed to crypto, Bitcoin, etc. … it’s true use case is for criminals, drug traffickers, money laundering, tax avoidance. That’s the use.”

According to him, crypto allows criminals and other users to bypass checks such as know your customer (KYC) and Office of Foreign Assets Control (OFAC) sanctions.

If I was the government, I’d close it down,” Dimon said in response to Sen. Elizabeth Warren’s question about what the banker thought was attracting bad actors to crypto. News platform Yahoo Finance shared the JPMorgan chief exec’s comments via a video posted on X.

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Dimon’s remarks were part of a hearing that involved seven bank CEOs, including Wells Fargo & Company CEO Charles Scharf, Bank of America CEO Brian Moynihan and Goldman Sachs CEO David Solomon. When asked whether they felt crypto has to be subject to the regulations as banks, they all answered in the affirmative.

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The push for crypto regulation

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This is not the first time the JPMorgan CEO has been critical of crypto. However, his latest view comes as the crypto industry feels the US has lagged other countries in instituting regulatory clarity for the sector. US regulators and authorities have sued and charged various crypto companies and seized millions of dollars’ worth of Bitcoin and crypto.

Recently, crypto exchange Binance agreed a $4.3 billion settlement with the US authorities on account of various charges.

The crypto market is nonetheless optimistic that clarity is likely as the sector matures. The industry is also abuzz with anticipation that the US Securities and Exchange Commission (SEC) will soon approve what would be the first spot Bitcoin ETF for the US market.

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