Crypto News

JPMorgan CEO Calls For Government Shutdown Crypto

JPMorgan CEO Calls for Crypto Ban Amid Senate Hearing as RCMP Targets Drug Traffickers Laundering Proceeds with Cryptocurrency

Jamie Dimon, CEO of JPMorgan Chase, has reiterated his strong opposition to crypto, specifically advocating for a ban on digital assets such as Bitcoin (BTC).

His comments came during a Senate Banking Committee hearing, in response to Senator Elizabeth Warren’s questions.

Dimon’s remarks echo his long-held disdain for crypto, emphasizing his concerns about their alleged facilitation of criminal activity.

Dimon’s criticism focuses on the primary use case of crypto, which he believes facilitates criminal activity.

During the Senate hearing, he went so far as to say that if he had the authority, he would shut down the entire crypto industry, emphasizing his strong opposition to digital assets.

This recent remark is consistent with Dimon’s previous public condemnation of cryptocurrencies. He has previously described Bitcoin as a “hyped-up fraud” and even compared it to a “pet rock.”

Dimon’s stance has softened over time as he recognizes the potential of blockchain technology, which serves as the foundation for crypto.

During the Senate hearing, Dimon and other major bank CEOs supported Senator Warren’s proposal that crypto companies be subject to the same anti-money laundering regulations as traditional financial institutions.

This alignment with regulatory measures reflects the crypto industry’s cautious approach to ensuring compliance.

Separately, the Royal Canadian Mounted Police (RCMP) revealed details of an ongoing operation called ‘Decrypt,’ which is aimed at high-level drug traffickers accused of using crypto to launder proceeds and smuggling marijuana hidden within barrels of maple syrup. James Robert McGirr, 39, is accused of being involved in multiple drug trafficking schemes.

McGirr is accused of using crypto to launder profits from cannabis operations, which he used to fund both personal expenses and the expansion of his drug business.

He allegedly facilitated the conversion of cash into crypto for others involved in criminal activity. McGirr is accused of using the names of other traffickers who had legitimate cannabis licenses to supply cannabis to his criminal networks.

McGirr is accused of using cryptocurrency to launder profits from cannabis operations, which he used to fund both personal expenses and the expansion of his drug business.

He allegedly facilitated the conversion of cash into crypto for others involved in criminal activity. McGirr is accused of using the names of other traffickers who had legitimate cannabis licenses to supply cannabis to his criminal networks.

As part of the investigation, law enforcement seized over $6 million in illicit assets from McGirr-related properties.

Cannabis, property, drug and crypto equipment (including a Bitcoin ATM), firearms, luxury items, and cash were all included.

McGirr and six other people suspected of being involved in drug trafficking rings have been arrested and face a variety of charges related to their alleged roles in the operations.

Tags

Emma Davis is a highly skilled and experienced crypto writer with a passion for all things blockchain and cryptocurrency. With years of experience writing about the latest trends, news, and innovations in the crypto world, Emma has established herself as one of the best crypto journalists.