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

JPMorgan CEO Jamie Dimon is being hauled over the hot coals by the crypto community on X (formerly Twitter) after claiming Bitcoin (BTC) and cryptocurrency’s “only true use case” is to facilitate crime.

“The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance,” Dimon said in a hearing before the United States Senate Committee on Banking, Housing, and Urban Affairs on Dec. 5. “If I were the government, I’d close it down.”

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

About $38 billion of these fines came under Dimon’s watch, who has been CEO since 2005.

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


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

Crypto proponents on X wasted no time pointing out the hypocrisy of JPMorgan CEO Jamie Dimon’s recent remarks about Bitcoin and crypto to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Bitcoin

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

Crypto proponents on X wasted no time pointing out the hypocrisy of JPMorgan CEO Jamie Dimon’s recent remarks about Bitcoin and crypto to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

Blockchain

House Committee passes bill to ‘preserve U.S. leadership’ in blockchain

The pro-crypto bill is one of many before Congress that aims to promote the country’s deployment and use of blockchain technology.

Regulations

House Committee passes bill to ‘preserve U.S. leadership’ in blockchain

The pro-crypto bill is one of many before Congress that aims to promote the country’s deployment and use of blockchain technology.

Blockchain

Terraform’s Do Kwon mounts last-ditch effort to avoid extradition: Report

Lawyers for Terraform Labs co-founder Do Kwon have mounted a final attempt to appeal his extradition from Montenegro.

Regulations

UAE researchers launch blockchain carbon trading platform at COP28

The institute said it adopted a lightweight, efficient blockchain not intended to be computationally wasteful, where trading can be facilitated at little to no cost.

Blockchain

Global policymakers are still pushing CBDCs despite their failures

From Thailand to the Eastern Caribbean, the CBDC experience has been one of government waste. So why do financial authorities keep pushing them?

Regulations

Judge accepts Binance CEO CZ’s guilty plea, with sentencing in Feb

This court “hereby accepts the guilty plea of the defendant to the charge [...] and the defendant is adjudged guilty of such offense,” wrote Judge Richard Jones.

Regulations

Bitzlato ex-CEO Legkodymov pleads guilty to 1 count in Brooklyn court

The Hong Kong-based crypto exchange had no KYC and was a major support for the darknet marketplace Hydra.

Regulations

VC Roundup: Investors pick games, collectibles and creator economy

Baton, Wormhole, Rokid, Saga, Bazooka Tango, Authentic and Intract are among the latest startups to secure venture capital funding.

Blockchain

‘If I was the government, I’d close it down’ — JPMorgan CEO on crypto

Jamie Dimon has previously referred to cryptocurrencies as “decentralized Ponzi schemes” and Bitcoin as a “fraud.”

Regulations

Price analysis 12/6: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON

Bitcoin (BTC) has been on a tear, rising more than 10% this week. This shows that traders are urgently scrambling to buy Bitcoin as they anticipate the price to rally further. CoinShares data shows that investors have pumped in more than $1.44 billion into Bitcoin investment products in the past ten weeks.

The expectation is that the approval of a spot Bitcoin exchange-traded fund (ETF) will attract huge investments. Animoca Brands CEO Robby Yung, while speaking at the Next Block Expo conference in Berlin, said that Bitcoin ETFs could generate a potential income of “$10 to $12 billion.”

Daily cryptocurrency market performance. Source: Coin360

While long-term investors have been accumulating Bitcoin, the short-term holders (STHs) holding coins for 155 days or less have been busy booking profits in December. CryptoSlate research and data analyst James Van Straten, while sharing a Glassnode chart on X (formerly Twitter), said that STHs in profit sent roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.

Could Bitcoin continue its up-move and reach $48,000, or will profit-booking set in? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been in a strong uptrend. The momentum picked up after the bulls catapulted the price above $40,000. The minor resistance at $41,160 has been cleared with ease.

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Price analysis 12/6: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON

Bitcoin is witnessing profit-booking by short-term holders, but institutional investors continue to put money into BTC investment products.

Bitcoin

Price analysis 12/6: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON

Bitcoin is witnessing profit-booking by short-term holders, but institutional investors continue to put money into BTC investment products.

Ethereum

Hong Kong regulator blocks access to two crypto entities, warning of fraud

According to the securities regulator, misleading information online could encourage individuals to invest in the HKD token issued by HongKongDAO.

Regulations

Game studios quietly integrate blockchain without the buzzword

Blockchain technology is facing backlash from players and gaming developers, forcing some studios to avoid “buzzwords” tied with Web3.

Blockchain

Lawmakers’ fear and doubt drives proposed crypto regulations in US

If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn how to comply with the same regulations as traditional financial institutions.

Ethereum

Lawmakers’ fear and doubt drives proposed crypto regulations in US

If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn how to comply with the same regulations as traditional financial institutions.

Regulations

Lawmakers’ fear and doubt drives proposed crypto regulations in US

Real bipartisan legislative efforts are rare in Washington, DC, these days, but Democratic Senators Elizabeth Warren and Joe Manchin and Republican Senators Lindsey Graham and Roger Marshall have managed to come together to co-sponsor a bill focused on crypto crime. 

According to the senators, the Digital Asset Anti-Money Laundering Act of 2023 aims to close loopholes in the nation’s Anti-Money Laundering rules. The bill would amend the Bank Secrecy Act and would designate a diverse range of digital asset providers as financial institutions. 

The Bank Secrecy Act establishes program, recordkeeping and reporting requirements for national banks, federal savings associations, federal branches and agencies of foreign banks. Digital asset providers would be required to adhere to many of the same regulations as traditional banks.

Warren introduced the legislation to the United States Senate on July 27, 2023, on behalf of herself and Senators Joe Manchin, Roger Marshall and Lindsey Graham. The bill was then referred to the Senate Committee on Banking, Housing and Urban Affairs. It hasn’t been voted on by the entire Senate or sent to the U.S. House of Representatives for consideration. Nor has President Biden signed it, and it is not a matter of law at this time. 

The legislation would add several types of cryptocurrency providers to U.S. regulators’ list of financial institutions. These include unhosted wallet providers, digital asset miners and validators or other nodes that validate third-party transactions, miner extractable value searchers, other validators or network participants with control over network protocols, or just about anyone else who facilitates or provides services related to exchange, sale, custody or lending of digital assets.


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