Jamie Dimon, CEO of JPMorgan Chase, attended a hearing at the Senate Banking Committee this week. When questioned by prominent anti-cryptocurrency politician, Democratic Senator Elizabeth Warren, about his views on cryptocurrencies being used by criminals, Dimon expressed his personal opposition to cryptocurrencies like Bitcoin, stating that their characteristics make them widely used for illegal activities such as drug trafficking, money laundering, tax evasion, and circumventing government controls.
Dimon stated:
At the same time as Dimon made these remarks, U.S. lawmakers are working to expand regulations on cryptocurrencies. The recent admission of money laundering charges by the largest exchange, Binance, has given congressional members who are dedicated to tightening cryptocurrency regulations more reasons to push related bills.
Currently, Elizabeth Warren is pushing for her bill, the Digital Asset Anti-Money Laundering Act, which aims to extend the requirements of the Bank Secrecy Act (including KYC rules) to cryptocurrency miners, validators, wallet service providers, and others.