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JP Morgan CEO Petitions Feds to Terminate Bitcoin’s Operations

JP Morgan’s chief executive officer criticized Bitcoin and crypto, claiming he would ‘end its operations’ if he made and implemented regulations.

Again, Jamie Dimon, JP Morgan Chase’s chief executive officer, criticized crypto, claiming he would ‘shut it down’ if he were the United States government. 

JP Morgan Executive Allege Fast Funds Transfer to Condemn Crypto

During a Senate Banking Committee hearing on Wednesday, he told legislators that crypto’s actual use case is drug traffickers, tax avoidance, criminals, and money laundering. He added that if he were the government, he would shut it down since he has always been against crypto.

Dimon’s remarks followed a question by Elizabeth Warren (D-Mass). In this case, she asked the CEO why ‘drug sellers, terrorists, and rogue countries’ prefer crypto. Dimon added that transferring funds’ almost immediately’ is possible with digital assets. In addition, the transfer process is ‘somewhat unspecified.’

Dimon’s most recent remarks are not the first time he has slammed Bitcoin and other cryptocurrencies. In 2017, he called Bitcoin a ‘scam’ and faulted his daughter for purchasing some of the largest cryptocurrencies by market cap. 

Further, the chief executive officer of the globe’s biggest bank questioned if Bitcoin’s supply would be capped at 21 million coins. He said the supply might reach 21 million, and Satoshi’s picture would come up and laugh at everyone.

JPMorgan Unveils JPM Coin Contrasting CEO Call to End Bitcoin

Despite slamming Bitcoin and decentralized cryptocurrencies, Dimon has applauded its fundamental technology. Besides, JP Morgan has utilized blockchain for different projects. 

For instance, the JPM Coin is a digital coin that runs on a permissioned blockchain. A permissioned blockchain refers to a distributed ledger whose public accessibility is restricted.

The crypto sector’s X users quickly highlighted this matter, particularly pointing out the number of times regulators have penalized JP Morgan and various banks for violating regulations. In the past, some government executives, for instance, Michael Morrel, ex-CIA Director, have claimed that Bitcoin is essentially a law enforcement ‘bonus,’ considering its transparency.

Editorial credit: Alois Oscar / Shutterstock.com

Written by
Don Blankenship

Don Blankenship, a crypto writing maestro, captivates with his astute analyses of blockchain phenomena. Synthesizing the dynamic world of digital currencies into insightful prose, Don's articles are a beacon for enthusiasts and professionals. His expertise establishes him as a definitive voice in crypto journalism.

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