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Crypto is for criminals? JPMorgan has been fined $39B and has its hold token

Crypto is for criminals? JPMorgan has been fined $39B and has its hold token

JPMorgan CEO Jamie Dimon is being hauled over the modern coals by the crypto neighborhood on X (beforehand Twitter) after claiming Bitcoin (BTC) and cryptocurrency’s “simplest factual exhaust case” is to facilitate crime.

“Essentially the most entertaining factual exhaust case for it’s criminals, drug traffickers, money laundering, tax avoidance,” Dimon stated in a hearing before the US Senate Committee on Banking, Housing, and City Affairs on Dec. 5. “If I had been the government, I’d shut it down.”

But crypto pundits mercurial pointed out the hypocrisy in Dimon’s statements, highlighting that JPMorgan is the second-most entertaining penalized bank, having paid $39.3 billion in fines throughout 272 violations since 2000, according to Valid Jobs First’s violation tracker.

About $38 billion of those fines came below Dimon’s look, who has been CEO since 2005.

“Talk about being a fucking hypocrite!” stated crypto lawyer John Deaton in a Dec. 6 post on X. 

“Jamie Dimon is in no effect of abode to criticize Bitcoin with this form of music file,” stated VanEck strategy adviser Gabor Gurbacs, who notorious that banks worldwide hold paid $380 billion in fines this century.

Talk about being a fucking hypocrite! Who’s the prison Jamie Dimon? Let me question you a inquire of: Within the final 5 years when @jpmorgan has been FINED over THIRTY FIVE BILLION DOLLARS ($35,000,000,000) for illicit and groundless activities, did any of your personnel exhaust #Bitcoin or… https://t.co/DF2B4SkbwD

— John E Deaton (@JohnEDeaton1) December 6, 2023

JPMorgan agreed to a $75 million settlement with the U.S. Virgin Islands in September over allegations that it enabled and financially benefitted from Jeffrey Epstein’s intercourse trafficking operation between 2002 and 2005. On the assorted hand, it desires to be notorious that settlements aren’t admissions of guilt.

In October 2013, the bank paid $13 billion — the most entertaining ravishing in its company historical past — for fraudulently deceptive merchants over “toxic” mortgage affords. Toxic Investments drop in payment vastly, causing the market to rupture down.

A complete lot of JPMorgan merchants had been additionally investigated for manipulating so a lot of metals futures markets between 2008 and 2016 and agreed to pay nearly $1 billion to determine the investigation in September 2020.

Penalties paid by JPMorgan over so a lot of violations. Source: Valid Jobs First

JPMorgan turned into additionally on the heart of the most entertaining cocaine bust in U.S. historical past when 20 hundreds cocaine rate $1.3 billion turned into seized in July 2019 on a ship reportedly owned by a fund bustle by JPMorgan.

Jamie Dimon appears at a loss for phrases…

He says one of the most sensible other folks that exhaust #Bitcoin are criminals, traffickers, and money launderers…

But he’s definitely valid describing JP Morgan and their customers. pic.twitter.com/KKh9m63nAa

— Walker⚡️ (@WalkerAmerica) December 7, 2023

Dimon says he’d shut crypto down, nonetheless JPMorgan has its hold token

The JPMorgan CEO stated, “If I turned into the government, I’d shut it down,” in a concluding commentary to U.S. Senator Elizabeth Pockets on the hearing, referring to Bitcoin and cryptocurrency.

On the assorted hand, no topic being “deeply adversarial” to the digital asset sector, JPMorgan just no longer too prolonged ago launched its hold crypto token — JPM Coin — on a non-public version of the Ethereum blockchain for its institutional client sinful.

The bank additionally rolled out a blockchain-primarily primarily primarily based tokenization platform in October, with BlackRock as one in every of its customers. It additionally contributed to a $65 million funding spherical for Ethereum infrastructure firm Consensys in April 2021.

Linked: JPMorgan subsidiary Stride UK to restrict crypto transactions

On the assorted hand, Dimon turned into likely distinguishing between centralized and decentralized cryptocurrencies, as he has beforehand referred to decentralized currencies as Ponzi schemes.

Bankless additionally criticized Dimon’s comments, explaining that the U.S. government can’t impose an effective ban on Bitcoin or the cryptocurrency sector attributable to its decentralized nature.

Dimon’s comments led to a Community Notes truth test on X, stating that lower than 1% of cryptocurrency transactions are illicit.

Added context to Dimon’s comments X’s Community Notes. Source: X

Magazine: Lawmakers’ disaster and doubt drives proposed crypto guidelines in US

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