JP Morgan Chase's boss, Jamie Dimon, takes a swipe at crypto during a Senate hearing. From shutting it down to crypto crime accusations, Dimon appears disdainful of anything digital and decentralized.

Before he quits, or doesn't, Jamie Dimon, the sharp-suited figure at the top of JP Morgan Chase, once again raises his scepter, this time aiming at crypto. In a Senate Banking Committee hearing, Dimon proclaimed that if he were the U.S. government, he'd unceremoniously "close it down." So, is this just another chapter in Dimon's dislike of decentralized?

Jamie Dimon on the cryptocurrency industry: "I'd close it down" https://t.co/vimnFywEjk

— CBS Mornings (@CBSMornings) December 10, 2023

The King of Trad Finance Takes on the Newcomer

Dimon, a huge name in traditional finance, denounced cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, claiming their primary gig is with criminals. According to him, crypto's backstage is a shadowy world of drug lords, money launderers, and tax evaders. It seems Dimon is not one to appreciate the beat of the decentralized drum.

Crypto Crime: Dimon's Accusations

Senator Elizabeth Warren set him off on a litany of accusations against crypto. He pointed to the dark alleyways where terrorists, drug traffickers, and rogue nations allegedly dance to the crypto tune. Dimon's concern? The speed and stealth of digital assets, allowing funds to move around the world almost instantaneously. We certainly do know that Hamas were accused of funding their operations against Israel using bitcoin, let's give him some credit.

Dimon's Fascination with Blockchain

Despite his disdain for decentralized cryptocurrencies, Dimon's JP Morgan is interested in the potential of blockchain. A recent partnership with Apollo Global and Avalanche birthed an asset management proof-of-concept, a pirouette within MAS’ Project Guardian. A ballet of blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, perhaps a grudging acknowledgment of the decentralized waltz. In any case, they're also deep into AI.

Now, you’ll have to excuse us here. With all this talk of criminality, we’ll enjoy a little pointing out that Mr. Dimon has just today featured in a story on Finance Magnates where he is in, shall we say, less than wonderful company, given his own past of … sailing too close to the wind. We suggest that you check out this article and read to the end. And at that point, ask yourself, is the pot calling the kettle black?