Jamie Dimon, chief executive of JPMorgan Chase, told U.S. lawmakers that serious restrictions on digital assets are needed. The Block reports.
In response to a question from Massachusetts Senator Elizabeth Warren about why cryptocurrencies are attractive to criminals, Dimon noted the possibility of evading government oversight.
“I’ve always been categorically against cryptocurrencies, bitcoins and the like. If I were the government, I would shut them down,” he added.
Dimon also called for tighter government oversight of stablecoins.
Dimon has long been a vocal opponent of digital assets. In October 2021 he said that Bitcoin “is worthless”, and noted the unpopularity of his stance. Later he described cryptocurrencies as “decentralised Ponzi schemes”.
A working government group also included other banking representatives, including leaders of Wells Fargo & Company, Bank of America and Goldman Sachs. All agreed with Warren’s assertion that cryptocurrencies should follow traditional anti-money-laundering (AML) rules.
“When it comes to banking policy, I usually don’t play along with the heads of multi-billion-dollar banks, but this is a matter of national security,” the legislator emphasised.
In December 2022 she, together with colleague Roger W. Marshall, introduced a bill tightening AML requirements for the use of digital assets.
Earlier in March 2023, Warren urged authorities to take action against “bogus audits” of cryptocurrency companies.