4 months ago
JPMorgan CEO Jamie Dimon is being hauled implicit the blistery coals connected crypto X (Twitter) aft claiming Bitcoin (BTC) and cryptocurrency's “only existent usage case” is to facilitate crime.
“The lone existent usage lawsuit for it is criminals, cause traffickers, wealth laundering, taxation avoidance,” Dimon said successful a hearing earlier the United States Banking Committee connected Dec. 5. "If I were the government, I'd adjacent it down."
But crypto pundits rapidly pointed retired the seeming hypocrisy successful Dimon’s statements, highlighting that JPMorgan is the 2nd largest penalized bank, having paid $39.3 cardinal successful fines crossed 272 violations since 2000, according to Good Jobs First’s usurpation tracker.
About $38 cardinal of these fines came nether Dimon’s watch, who commenced arsenic CEO successful 2005.
"Talk astir being a fucking hypocrite!" said crypto lawyer John Deaton successful a Dec. 6 station connected X.
“Jamie Dimon is successful nary presumption to knock Bitcoin with this benignant of way record,” said VanEck strategy advisor Gabor Gurbacs, who noted that banks worldwide person paid $380 cardinal successful fines this century.
Talk astir being a fucking hypocrite! Who’s the transgression Jamie Dimon? Let maine inquire you a question: In the past 5 years erstwhile @jpmorgan has been FINED implicit THIRTY FIVE BILLION DOLLARS ($35,000,000,000) for illicit and fraudulent activities, did immoderate of your unit usage #Bitcoin or… https://t.co/DF2B4SkbwD
— John E Deaton (@JohnEDeaton1) December 6, 2023The Dimon-led slope agreed to a $75 cardinal colony with the U.S. Virgin Islands successful September implicit allegations that it enabled and financially benefitted from Jeffrey Epstein’s enactment trafficking cognition betwixt 2002 and 2005 — it should beryllium noted that settlements aren’t admissions of guilt.
Ten years ago, the slope paid the largest good successful its firm past astatine $13 cardinal successful October 2013 for fraudulently misleading investors implicit “toxic” owe deals. Toxic Investments are ones that autumn successful worth significantly, causing the marketplace to collapse.
Several JPMorgan traders were besides investigated for manipulating assorted metals futures markets betwixt 2008 and 2016 and agreed to wage astir $1 cardinal to settee the probe successful September 2020.
Penalties paid by JPMorgan implicit assorted violations. Source: Good Jobs First.JPMorgan was besides astatine the halfway of the largest cocaine bust successful U.S. past erstwhile 20 tons oregon 18,140 kilograms of cocaine, worthy $1.3 billion, was seized successful July 2019 connected a vessel reportedly owned by a money tally by JPMorgan.
Jamie Dimon seems confused…
He says the lone radical who usage #Bitcoin are criminals, traffickers, and wealth launderers…
But he’s really conscionable describing JP Morgan and their clients. pic.twitter.com/KKh9m63nAa
Dimon says he’d unopen crypto down, but JPMorgan has its ain token
The JPMorgan CEO said, “If I was the government, I’d adjacent it down,” successful a concluding connection to U.S. Senator Elizabeth Wallet astatine the hearing, referring to Bitcoin and cryptocurrency.
However, contempt being “deeply opposed” to the integer plus sector, Dimon and JPMorgan precocious launched its own crypto token — JPM Coin — connected a backstage mentation of the Ethereum blockchain, for its organization lawsuit base.
The slope besides rolled retired a blockchain-based tokenization platform successful October, with BlackRock arsenic 1 of its clients. It besides contributed to a $65 cardinal backing circular for Ethereum infrastructure steadfast Consensys successful April 2021.
Related: JPMorgan subsidiary Chase UK to restrict crypto transactions
However, it could beryllium presumed that Dimon was distinguishing betwixt cryptocurrencies with a centralized unit down them and ones that don’t, arsenic helium has referred to decentralized currencies arsenic ponzi schemes successful the past.
Bankless besides criticised Dimon’s comments, explaining that the U.S. authorities cannot enforce an effectual prohibition connected Bitcoin oregon the cryptocurrency assemblage owed to its decentralized nature.
Dimon’s comments triggered a Community Notes information cheque connected X, stating that little than 1% of cryptocurrency transactions are illicit.
Added discourse to Dimon’s comments X’s Community Notes. Source: X.Magazine: Lawmakers’ fearfulness and uncertainty drives projected crypto regulations successful US
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