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Jamie Dimon: Government Should Close Down Crypto

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Bloomberg Dec 6, 2023 14:35 · 8283 Views

JPMorgan Chase Chair and CEO Jamie Dimon says he's been deeply opposed to crypto and the government should "close it down." He speaks during testimony before the Senate Banking Committee.

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Transcript

  • 00:00 Today's terrorists have a new way to get around the Bank Secrecy Act
  • 00:04 cryptocurrency.
  • 00:06 Last year, an estimated $20 billion in illicit crypto transactions
  • 00:11 funded every kind
  • 00:13 of dangerous criminal.
  • 00:15 North Korea has funded at least half its missile program,
  • 00:19 including nuclear weapons
  • 00:22 using the proceeds of crypto crime.
  • 00:24 And Israeli officials have confirmed that Hamas received millions of dollars
  • 00:29 through crypto transactions including quote
  • 00:33 large sums from Iran.
  • 00:36 Mr.
  • 00:37 Diamond, you've been CEO of JP Morgan for almost 2 decades.
  • 00:41 Can you explain why crypto is such an attractive financial tool
  • 00:47 for terrorists, drug traffickers and rogue nations?
  • 00:51 I've always been deeply opposed to crypto, Bitcoin, etcetera.
  • 00:55 You pointed out only the true use case for it is criminals,
  • 00:58 drug traffickers, anti money learning, tax avoidance.
  • 01:01 And that is a use case
  • 01:03 because it is somewhat anonymous, not fully and because you can move money instantaneously and because it doesn't go through
  • 01:09 as you mentioned, all these systems have built up over many years.
  • 01:12 Know your customer sanctions O FAC
  • 01:15 is didn't get bypass all of that I if I was the governments I'd close it down.