Senator Elizabeth Warren used a latest Wall Avenue oversight listening to to whine about cryptocurrency.
At one level, virtually as if a well-choreographed soccer play, she handed the ball to Jamie Dimon — CEO of JP Morgan Chase, the largest financial institution on the planet — to “clarify why crypto is such a sexy monetary instrument for terrorists, drug traffickers, and rogue nations?”
It’s arduous to think about a extra loaded query.
Mr. Dimon gleefully caught the move and stated:
I’ve at all times been deeply against crypto, Bitcoin, and many others. You identified the one true use case for it’s criminals, drug traffickers, anti-money laundering [sic], tax avoidance… as a result of it doesn’t undergo, as you talked about, all these methods constructed up over a few years — Know Your Buyer, sanctions, OFAC [Office of Foreign Assets Control] — they’ll bypass all of that.
What an astonishing show of full and complete ignorance on the a part of Mr. Dimon and Ms. Warren.
This notion that Bitcoin is nice for criminals is among the most worn out, naive tropes about cryptocurrency that exists. Criminals can (and do) use nearly ANYTHING to launder cash, conduct transactions, and extort their victims.
Learn extra: World’s Greatest Financial institution CEO Hates Crypto
