JPMorgan CEO Jamie Dimon says he would "close" cryptocurrency down
What they're saying: "If I was the government, I'd close it down," Dimon said at a Senate hearing alongside seven other big bank CEOs.
Why it matters: Dimon, of course, is not the government and can't alone move to ban cryptocurrency. However, it showed a rare moment of harmony between the industry and longtime bank antagonist Sen. Elizabeth Warren (D-Mass.) who said cryptocurrency was fueling illicit transactions.
- "When it comes banking policy, I am not usually holding hands with the CEOs of multi-billion dollar banks, but this is a matter of national security," Warren said.
Of note: All eight big bank CEOs, including Dimon, agreed with Warren that cryptocurrency firms should follow the same anti-money laundering laws that big banks are subject to.
- Crypto exchange Binance and its CEO Changpeng "CZ" Zhao pleaded guilty last month to money laundering violations.
- The crypto exchange can continue to operate — but only because it is required to create an anti-money laundering system.
Catch up quick: 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, etc.," Dimon said on Wednesday.