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An important JPMorgan executive called for banning cryptocurrencies: “If I were the Government, I would close them”

An important JPMorgan executive called for banning cryptocurrencies: “If I were the Government, I would close them”
December 11, 2023 – 10:46

Dimon highlighted his denial of the world of cryptocurrencies and referred to their connection with money laundering.

Jamie Dimonadvisor of JPMorgan He once again made it clear that cryptocurrencies are not his style and took advantage of his intervention in the Senate Banking Committee to suggest that they should be banned.

“I have always been deeply opposed to cryptocurrencies, bitcoins, etc. The only real use case is criminalsdrug traffickers… money laundering, tax evasion,” he noted and then added bluntly that “If I were the Government, I would close them“.

When questioned by Senator Elizabeth Warren, Dimon, like other big bank executives, agreed that the cryptocurrency companies should face the same anti-money laundering regulations that the main financial institutions.

“When it comes to banking policy, I don’t usually hang out with billionaire bank CEOs, but this is a matter of national security. Terrorists, drug traffickers, and rogue nations must be banned from using cryptocurrencies for their dangerous activities. It’s time for Congress to act“Warren said.

The leader of the largest American bank He already attacked the sector from the Davos World Economic Forum in Switzerland, where he described cryptocurrencies as a “waste of time” and defined the queen cryptocurrency as a “exaggerated fraud.”

“I think Tham cryptocurrencies They have been a waste of time and why you spend your time on them is totally beyond me. Bitcoin itself is a bloated fraud. It’s a pet rock: you can have it all you want, but it’s useless,” said the CEO of the American firm in an interview with CNBC’s ‘Squawk Box’ program.

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JPMorgan’s move away from Gemini

In early March of this year, the US bank JPMorgan ended his relationship withThe Gemini cryptocurrency exchange as revealed by CoinDesk. The partnership between both companies dates back to April 2020, when the firm led by Jamie Dimon would have accepted the crypto exchange founded by the brothers. Winklevoss and Coinbase as clients.

JP Morgan’s decision came just after the crypto bank Silvergate has voluntarily declared bankruptcy. Recently, Silvergate delayed the publication of its results, pointing to the bear market and investigations resulting from its relationship with the bankrupt FTX as the main reasons for this delay.

Source: Ambito

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