{"id":33877,"date":"2023-12-07T05:52:44","date_gmt":"2023-12-07T09:52:44","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33877"},"modified":"2023-12-07T05:52:44","modified_gmt":"2023-12-07T09:52:44","slug":"banking-giant-ceo-trashes-crypto-again-and-warns-of-ban-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/07\/banking-giant-ceo-trashes-crypto-again-and-warns-of-ban-heres-why\/","title":{"rendered":"Banking Giant CEO Trashes Crypto \u2013 Again \u2013 And Warns Of Ban: Here\u2019s Why"},"content":{"rendered":"

In a fiery declaration that reverberated through the financial landscape, JPMorgan Chase\u2019s formidable CEO, Jamie Dimon, once again launched a verbal assault on crypto.<\/a><\/p>\n

Dimon, well-known for speaking his mind, straightforwardly called for a complete ban on digital currencies, linking them to criminal activities without holding back.<\/p>\n

The CEO didn\u2019t mince words at a Senate hearing alongside seven other big bank bosses:<\/p>\n

\u201cIf I was the government, I\u2019d close it down.\u201d<\/p>\n

In response to a question from Senator Elizabeth Warren, he stated that he was adamantly against all forms of crypto, including bitcoin.<\/p>\n

Dimon expressed worries that terrorists, drug dealers, and rogue states would use them as a means of finance and declared he would shut it down if he were in charge.<\/a><\/p>\n

Even though Dimon\u2019s bank is deeply engaged in blockchain\u2014the technology that powers the $1.6 trillion cryptocurrency industry\u2014his comments are the most recent assault against the industry.<\/p>\n

Dimon Bashes Crypto<\/strong><\/h2>\n

In earlier remarks, Dimon referred to bitcoin as \u201ca hyped-up scam,\u201d a term he subsequently withdrew. In addition, he had compared it to a \u201cpet rock.\u201d<\/p>\n

In spite of his subsequent admissions of remorse, he continued to use the term \u201cdecentralized Ponzi scheme\u201d<\/a> to describe bitcoin and other digital currencies following his previous tirades.<\/p>\n

Dimon and other banking\u00a0leaders, including Brian Moynihan of Bank of America Corp., have asserted\u00a0that their institutions\u00a0have measures to stop terrorists and other criminals from utilizing them.<\/p>\n

In contrast, Warren advocated for the extension of anti-money-laundering regulations that banks presently enforce to digital assets, specifically the cryptocurrency market. Every single CEO expressed agreement.<\/p>\n

According to sources, JPMorgan completed its first blockchain-based collateral resolution as recently as October in a deal with BlackRock and Barclays.<\/p>\n

With its JPM Coin, a proprietary stablecoin that enables users to execute blockchain-based payments, JPMorgan was a pioneer in this space.<\/p>\n

JPMorgan said\u00a0in the next two years, the token may handle up to $10 billion in daily transactions, up from its current level of about $1 billion.<\/p>\n

The price of bitcoin, the biggest\u00a0cryptocurrency in the world in terms of market valuation, has increased by more than 150% this year to about $44,000-plus, according to market tracker CoinMarketCap,\u00a0despite calls for a government clampdown.<\/p>\n

Cryptocurrency Critique Unites Senator With Bankers<\/strong><\/h2>\n

Warren took advantage of the session to criticize\u00a0the cryptocurrency sector\u00a0by collaborating with Republicans and prominent bankers.<\/p>\n

Naturally, Dimon does not have the power of a government and cannot independently initiate the ban of cryptocurrencies.<\/p>\n

Being the leader of a private financial company, he may only make suggestions and voice opinions; he cannot implement significant policy changes.<\/p>\n

Nevertheless, it demonstrated an unusual convergence of interests between the crypto industry and the senator from Massachusetts, a long-time enemy of banks, who claimed that cryptocurrency was supporting illegal transactions.<\/p>\n

The price of bitcoin, the biggest and most popular cryptocurrency in the world, has increased by more than 150% this year and crossed the $44,000 barrier on Wednesday, according to the most recent market data, despite calls for a government shut down.<\/p>\n

Featured image from Ting Shen\/Bloomberg via Getty Images<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In a fiery declaration that reverberated through the financial landscape, JPMorgan Chase\u2019s formidable CEO, Jamie Dimon, once again launched a verbal assault on crypto.<\/a><\/p>\n

Dimon, well-known for speaking his mind, straightforwardly called for a complete ban on digital currencies, linking them to criminal activities without holding back.<\/p>\n

The CEO didn\u2019t mince words at a Senate hearing alongside seven other big bank bosses:<\/p>\n

\u201cIf I was the government, I\u2019d close it down.\u201d<\/p>\n

In response to a question from Senator Elizabeth Warren, he stated that he was adamantly against all forms of crypto, including bitcoin.<\/p>\n

Dimon expressed worries that terrorists, drug dealers, and rogue states would use them as a means of finance and declared he would shut it down if he were in charge.<\/a><\/p>\n

Even though Dimon\u2019s bank is deeply engaged in blockchain\u2014the technology that powers the $1.6 trillion cryptocurrency industry\u2014his comments are the most recent assault against the industry.<\/p>\n

Dimon Bashes Crypto<\/strong><\/h2>\n

In earlier remarks, Dimon referred to bitcoin as \u201ca hyped-up scam,\u201d a term he subsequently withdrew. In addition, he had compared it to a \u201cpet rock.\u201d<\/p>\n

In spite of his subsequent admissions of remorse, he continued to use the term \u201cdecentralized Ponzi scheme\u201d<\/a> to describe bitcoin and other digital currencies following his previous tirades.<\/p>\n

Dimon and other banking\u00a0leaders, including Brian Moynihan of Bank of America Corp., have asserted\u00a0that their institutions\u00a0have measures to stop terrorists and other criminals from utilizing them.<\/p>\n

In contrast, Warren advocated for the extension of anti-money-laundering regulations that banks presently enforce to digital assets, specifically the cryptocurrency market. Every single CEO expressed agreement.<\/p>\n

According to sources, JPMorgan completed its first blockchain-based collateral resolution as recently as October in a deal with BlackRock and Barclays.<\/p>\n

With its JPM Coin, a proprietary stablecoin that enables users to execute blockchain-based payments, JPMorgan was a pioneer in this space.<\/p>\n

JPMorgan said\u00a0in the next two years, the token may handle up to $10 billion in daily transactions, up from its current level of about $1 billion.<\/p>\n

The price of bitcoin, the biggest\u00a0cryptocurrency in the world in terms of market valuation, has increased by more than 150% this year to about $44,000-plus, according to market tracker CoinMarketCap,\u00a0despite calls for a government clampdown.<\/p>\n

Cryptocurrency Critique Unites Senator With Bankers<\/strong><\/h2>\n

Warren took advantage of the session to criticize\u00a0the cryptocurrency sector\u00a0by collaborating with Republicans and prominent bankers.<\/p>\n

Naturally, Dimon does not have the power of a government and cannot independently initiate the ban of cryptocurrencies.<\/p>\n

Being the leader of a private financial company, he may only make suggestions and voice opinions; he cannot implement significant policy changes.<\/p>\n

Nevertheless, it demonstrated an unusual convergence of interests between the crypto industry and the senator from Massachusetts, a long-time enemy of banks, who claimed that cryptocurrency was supporting illegal transactions.<\/p>\n

The price of bitcoin, the biggest and most popular cryptocurrency in the world, has increased by more than 150% this year and crossed the $44,000 barrier on Wednesday, according to the most recent market data, despite calls for a government shut down.<\/p>\n

Featured image from Ting Shen\/Bloomberg via Getty Images<\/em><\/p>\n

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