JPMorgan Chase CEO once again criticizes cryptocurrency: "If I were the government, I would shut it down!"

Jamie Dimon, CEO of JPMorgan Chase, delivered a speech on Capitol Hill, once again criticizing cryptocurrency and suggesting a ban on its use. He stated that the only real purpose of cryptocurrency is for crime, drug trafficking, money laundering, and tax evasion, and if he were the government, he would shut it down. Despite JPMorgan Chase's involvement in blockchain business, Dimon holds a critical attitude towards cryptocurrency. Warren and other banking industry leaders agree with the government that cryptocurrency companies should comply with anti-money laundering regulations. Bitcoin continues to rebound and there is hope for a rate cut by the Federal Reserve as well as the approval of the first-ever physically-backed Bitcoin ETF in the United States.