JPMorgan CEO Jamie Dimon stepped up his years-long opposition to bitcoin and other digital currencies on Wednesday, suggesting that lawmakers should move to ban cryptocurrencies altogether.
What they’re saying: “If I were the government, I’d shut it down,” Dimon said at a Senate hearing alongside seven other big bank CEOs.
Why it matters: Dimon isn’t the government, of course, and he can’t ban cryptocurrency on his own. But it marked a rare moment of harmony between the industry and longtime banking foe Sen. Elizabeth Warren (D-Mass.), who has said cryptocurrency fuels illicit transactions.
“When it comes to banking policy, I don’t usually hold hands with the CEOs of multi-billion dollar banks, but this is a national security issue,” Warren said.
Notably, all eight major bank CEOs, including Dimon, agreed with Warren that cryptocurrency firms should be subject to the same anti-money laundering laws as big banks.
Crypto exchange Binance and its CEO Changpeng “CZ” Zhao pleaded guilty to money laundering last month.
The crypto exchange can continue to operate – but only because it is required to set up an anti-money laundering system.
Catching up fast: Dimon has not been shy about his views on the cryptocurrency industry, which date back to at least 2014.
“I’ve always been deeply opposed to crypto, bitcoin, et cetera,” Dimon said on Wednesday.
Yes, but: Despite his harsh public comments about the industry, JPMorgan is among the major financial firms investing in crypto-related technologies.
