📣 JPMorgan Takes a Stand Against Cryptocurrency

posted  7 Dec 2023
Photo - JPMorgan Takes a Stand Against Cryptocurrency
“I've always been deeply opposed to bitcoin, crypto, etc.,” JPMorgan Chase CEO Jamie Dimon told senators in a hearing examining the U.S. banking industry. He even expressed a desire to ban cryptocurrencies if he had the authority.

These comments followed Senator Elizabeth Warren's spotlight on cryptocurrency use in terrorist and criminal activities, citing instances involving North Korea and Hamas.

The irony is evident given JPMorgan's active utilization of blockchain technology (intrinsically linked to cryptocurrencies) for wholesale payments. Furthermore, the bank regularly publishes articles exploring the cryptocurrency industry.

Adding to this, JPMorgan is a notable investor in ConsenSys, the company behind one of the most renowned crypto wallets, Metamask.
Renowned crypto attorney John Deaton pointed out that JPMorgan has faced fines exceeding $35 billion for illicit and fraudulent activities, subtly suggesting that fiat currencies are more implicated in criminal activities than cryptocurrencies.