Current:Home > FinanceJamie Dimon on the cryptocurrency industry: "I'd close it down"-Angel Dreamer Wealth Society D1 Reviews & Insights
Jamie Dimon on the cryptocurrency industry: "I'd close it down"
View Date:2024-12-23 21:37:10
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! (7111)
Related
- Kansas basketball vs Michigan State live score updates, highlights, how to watch Champions Classic
- Peter Schrager's incredible streak of picking Super Bowl champions lives on with Chiefs win
- Beyoncé announces new album 'Renaissance: Act II' after surprise Super Bowl ad
- Chiefs players – and Taylor Swift – take their Super Bowl party to the Las Vegas Strip
- Nearly 80,000 pounds of Costco butter recalled for missing 'Contains Milk statement': FDA
- Can candy be a healthy Valentine's Day snack? Experts share how to have a healthy holiday.
- Suspect captured in Memphis crime rampage that left at least 1 dead, several wounded
- Why Larsa Pippen and Marcus Jordan Are Sparking Breakup Rumors
- University of Illinois Urbana-Champaign chancellor to step down at end of academic year
- Youth with autism are more likely to be arrested. A Nevada judge wants to remedy that
Ranking
- Why was Jalen Ramsey traded? Dolphins CB facing former team on 'Monday Night Football'
- Alix Earle Reveals Why Dating With Acne Was So Scary for Her
- Good Samaritan rushes to help victims of Naples, Florida plane crash: 'Are they alive?'
- Smoking in cars with kids is banned in 11 states, and West Virginia could be next
- Nicole Scherzinger receives support from 'The View' hosts after election post controversy
- Feel the need for speed? Late president’s 75-mph speedboat is up for auction
- Law enforcement in schools dominates 1st day of the Minnesota Legislature’s 2024 session
- Putin signals he's open to prisoner swap for Wall Street Journal reporter Evan Gershkovich's release
Recommendation
-
Mike Tyson emerges as heavyweight champ among product pitchmen before Jake Paul fight
-
'Next level tantruming:' Some 49ers fans react to Super Bowl loss by destroying TVs
-
Patrick Mahomes rallies the Chiefs to second straight Super Bowl title, 25-22 over 49ers in overtime
-
Experts weigh in on the psychology of romantic regret: It sticks with people
-
Timothée Chalamet Details How He Transformed Into Bob Dylan for Movie
-
Arizona teen jumps into a frigid lake to try to rescue a man who drove into the water
-
Peter Schrager's incredible streak of picking Super Bowl champions lives on with Chiefs win
-
Patrick Mahomes rallies the Chiefs to second straight Super Bowl title, 25-22 over 49ers in overtime