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JP Morgan's Jamie Dion urges government to shut down Bitcoin disclosure crypto is a high-risk asset class this article is provided for informational purposes and does not constitute investment advice by using this website you agree to our terms and conditions we may utilize affiliate links within our content and receive commission during a Senate Banking Committee hearing on Capital Hill JP Morgan CH CEO Jamie Dion expressed his strong opposition to cryptocurrencies specifically Bitcoin BTC Demon's remarks came in response to questioning from Senator Elizabeth Warren where he claimed that the only true use case for cryptocurrencies is for criminals involved in activities such as drug trafficking money laundering and tax avoidance he went on to suggest that if he were in government he would shut down cryptocurrencies altogether I've always been deeply opposed to crypto Bitcoin Etc senator War pointed out the only true use case for it is criminals says JP Morgan Chase CEO Jamie Dion if I were the government I'd close it down pick twittern kfhr Doos Yahoo finance at Yahoo finance December 6 2023 demons comments are not entirely surprising as he has been a vocal critic of Bitcoin and other digital currencies in the past he has previously referred to bitcoin as a hyp fraud and even compared it to apet rock despite his negative stance on cryptocurrencies JP Morgan has actively engaged with blockchain technology the underlying technology behind cryptocurrencies and has been involved in various blockchain projects Dion also found common ground with Senator Warren during the hearing when discussing the need for crypto companies to adhere to the same anti-money laundering regulations as traditional financial institutions Warren known for her critical stance on the banking industry emphasized the importance of National Security and preventing terrorists drug traffickers and Rogue nations from utilizing cryptocurrencies for illicit purposes she called on Congress to take action in this regard crypto accounts for less than 1% of illicit Finance the issue of elicit Financial activities within the cryptocurrency space has been a topic of contention critics often raise concerns about the potential misuse of cryptocurrencies citing their use in illegal activities however recent analysis and statements from industry experts offer a different perspective ANZ galski the lecturer at the University of Western Australia has shed light on the scale of illicit activities compared to traditional Fe currencies guzowski compiled data from reputable sources such as the United Nations World economic forum and blockchain analytics firm chainalysis to compare illicit activities in cryptocurrencies and traditional Fiat currencies his findings revealed that the volume of illicit activities and cryptocurrencies is significantly lower than in the traditional Financial system you have seen Bankers adicting shutting down crypto industry because of elicit activities but let's look at facts love this analysis from Dr andai gizeli Who complied data from un WF and crypto analysis as Dr gizeli States perspectives is crucial when addressing Richard Tang at Richard Tang December 7 20203 the United Nations office of drugs and crime estimates the global money laundering amounts to 2 5% of global GDP equating to $800 billion to $2 trillion primarily occurring in Fiat currencies furthermore the world economic Forum reports that corruption costs developing countries approximately $1.26 trillion annually highlighting the prevalence of legal activities within the traditional Financial system these insights from industry experts underscore the importance of perspective when discussing elicit Financial activities while cryptocurrencies have been associated with illegal use the scale of such activities pales in comparison to the traditional Fiat system it is essential to consider the broader context and address the challenges within both systems to ensure effective regulation and prevent illicit activities perspective is crucial when addressing illicit Financial activities traditional Fiat like the USD is impc at in an estimated $3.2 trillion in illegal activities annually over 100 times the $20 billion linked to cryptocurrencies according to unw and chainalysis enter your email for our free daily newsletter or a quick thre and read about today's crypto news sign up the site is protected by recapture and the Google privacy policy in terms of service Supply msrc equals https /yn co/ p/ ml300 jpeg all equals image class equals m ID equals newsletter Popa in
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