An earlier model of the headline for this text misspelled the title JPMorgan Chase. The story has been corrected.
JPMorgan Chase & Co. Chief Executive Jamie Dimon informed lawmakers they need to crack down on cryptocurrency transactions by terror teams and rogue nations.
“If I were the government I’d close it down,” Dimon stated Wednesday when requested by Sen. Elizabeth Warren, Democrat of Massachusetts, about digital-currency transactions throughout a Senate Banking Committee listening to.
Transactions by North Korea and Hamas, amongst others, have funded terrorism all over the world, Warren stated.
Dimon and chief executives from seven different massive U.S. banks agreed that cryptocurrency brokers must be topic to the identical rules as banks below the Bank Secrecy Act, which is designed to forestall terrorists and drug traffickers from utilizing the monetary system to fund their actions.
Dimon stated he’s “always been deeply opposed to crypto.”
The broadly quoted financial institution government has been an outspoken opponent of cryptocurrency for a while already. In an interview with CNBC-TV in January, he in contrast crypto to the “pet rock” fad of the Nineteen Seventies.
Also learn: ‘Bitcoin is a hyped-up fraud, it’s a pet rock’: says JP Morgan CEO Jamie Dimon
Dimon additionally stated bitcoin
BTCUSD,
was nugatory in a 2021 interview with Mahaz News.
He will not be against digital types of foreign money, nevertheless. JPMorgan has its JPM Coin, which it describes as a “permissioned system that serves as a payment rail and deposit account ledger.”
Source web site: www.marketwatch.com
