Crypto devotees were quick to call attention to Dimon’s remarks, pointing out what they saw as his apparent hypocrisy.
After making contentious comments against Bitcoin and other cryptocurrencies on the social media site X (previously Twitter), Jamie Dimon, the CEO of JPMorgan Bank, has come under fire from the cryptocurrency community.
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On December 5, Dimon stated that the “only true use case” for cryptocurrencies is to support illegal operations including money laundering, drug trafficking, and tax evasion at a hearing before the US Senate Committee on Banking, Housing, and Urban Affairs.
He even went so far as to say that he would support the ban on cryptocurrencies if he held a role in the administration.
Crypto fans were quick to call attention to Dimon’s remarks, pointing out what they saw as his apparent hypocrisy.☹
They emphasized that under Dimon’s direction, JPMorgan, one of the biggest banks in the world, had to deal with a number of legal problems and pay hefty fines.
Based on information from Good Jobs First’s violation tracker, JPMorgan has paid over $39.3 billion in fines for 272 infractions since 2000. A large amount of these fines happened when Dimon was CEO, starting in 2005.
Prominent figures in the cryptocurrency field, like VanEck strategic adviser Gabor Gurbacs and crypto lawyer John Deaton, chastised Dimon for his remarks, pointing out that banks have paid an astounding $380 billion in fines this century alone.
These numbers cast doubt on Dimon’s sincerity when it comes to his criticism of Bitcoin’s purported connection to illegal activity.
In addition, JPMorgan has been involved in legal disputes. In September, the U.S. Virgin Islands settled a $75 million lawsuit alleging the bank supported Jeffrey Epstein’s sex trafficking enterprise from 2002 to 2005 and received financial benefits from it.
It is important to remember, nevertheless, that settlements do not always indicate guilt.
A $13 billion penalty for misleading investors about “toxic” mortgage deals that greatly led to the 2008 financial crisis was one of the major cases that JPMorgan had to settle in addition to these occurrences.
In September 2020, the bank agreed to pay around $1 billion to settle allegations of manipulating different metals futures markets, and it also faced probes.
Paradoxically, JPMorgan has introduced its own digital asset, JPM Coin, on a private Ethereum blockchain for institutional clients, in spite of Dimon’s adamant hostility to cryptocurrencies.
Along with launching a blockchain-based tokenization platform with customers like BlackRock, the bank also took part in a $65 million fundraising round in April 2021 for ConsenSys, an Ethereum infrastructure company.
Discourse regarding the differences between centralized and decentralized cryptocurrencies was spurred by Dimon’s remarks, which demanded the shutdown of cryptocurrencies.
It is noteworthy that in the past, he has called decentralized cryptocurrency systems “Ponzi schemes.”
Some skeptics claim that because cryptocurrencies are decentralized, it will be difficult for the US government to enact a meaningful prohibition.
In reaction to Dimon’s assertions, a Community Notes fact check on X revealed that fewer than 1% of bitcoin transactions are connected to illegal activity, casting doubt on the idea that the main application of cryptocurrencies is in criminal activity.
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