Jamie Dimon criticizes Cryptocurrency: ‘If I was the government, I’d close it down’

Sharing his remarks Wednesday on Capitol Hill, JPMorgan CEO Jamie Dimon criticized Cryptocurrency.

The head of the largest U.S. bank under questionaing from Sen, Elizabeth Warren, D-Mass., assets during Senate Banking Committee hearing, said, “I’ve always been deeply opposed to crypto, bitcoin, etc.,”

“The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance,” said Dimon

“If I was the government, I’d close it down,” Dimon added.

It is worth noting that Dimon’s bank JPMorgan itself is heavily involved in blockchain, the enabling technology for the $1.6 trillion industry.

In previous statements, Dimon has called bitcoin “a hyped-up fraud,” a comment he later walked back. He had also likened it to a “pet rock.”

Under further questioning from Warren, Dimon and several other CEOs of large banks brought before the committee as part of a routine hearing on the industry, agreed that crypto companies should face the same anti-money-laundering regulations as the major financial institutions.

The topic marked a rare note of unity between the banking leaders and Warren, usually a harsh critic of the industry.

“When it comes to banking policy, I am not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security. Terrorists, drug traffickers and rogue nations should be barred from using crypto for their dangerous activities. It is time for Congress to act,” said Warren

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