JPMorgan’s Jamie Dimon advocates for a ban on cryptocurrencies at a Senate hearing, ensuring that their only use is for criminals.

In a hearing before the Senate Banking Committee, JPMorgan CEO Jamie Dimon reaffirmed his critical stance toward cryptocurrencies, going so far as to suggest that they should be banned. Dimon, known to be a staunch critic of cryptocurrencies, did not mince words when expressing his opinion on the use of these digital currencies.

During his speech, Dimon highlighted that he has always maintained a deep opposition to cryptocurrencies. Likewise, he pointed out that its only real use case, in his perspective, is linked to illicit activities. He forcefully stated that cryptocurrencies are mainly used by criminals, drug traffickers and for practices such as money laundering and tax evasion. Furthermore, he stated that, if he had the power, he would close said operations.

On December 6, Yahoo Finance account on X posted the following:

“I’ve always been deeply opposed to crypto, bitcoin, etc. [Senator Warren] pointed out the only true use case for it is criminals,” says JPMorgan Chase CEO Jamie Dimon. “If I were the government, I’d close it down.”

The JPMorgan CEO is not alone in this stance, as other leaders of major financial institutions have expressed similar concerns. In response to questions from Senator Elizabeth Warren, Dimon agreed that cryptocurrency companies should face similar anti-money laundering regulations as traditional financial institutions.

Google presents Gemini: A New Era in Artificial Intelligence

This December 6, Gemini, Google’s latest artificial intelligence model, was officially launched. Sundar Pichai, CEO of Google, and Demis Hassabis, CEO and co-founder of Google DeepMind, announced this revolutionary advance through a post on the company’s blog.

Gemini is presented as a versatile artificial intelligence model, optimized for various sizes and use cases, called Ultra, Pro and Nano. What makes Gemini stand out is its multimodal approach, allowing it to efficiently understand and combine different types of information, thus marking a significant difference with OpenAI’s GPT-4.

One of Gemini’s standout features is its math and specialized programming prowess, a skill that OpenAI’s GPT-4 lacks, since it cannot perform mathematical calculations.

Hong Kong Takes Action Against Cryptocurrency Scams

The Hong Kong Securities and Futures Commission (SFC) has taken a decisive step to protect investors by blocking two cryptocurrency websites suspected of being involved in financial scams. The measure was confirmed by Damon Cheng Tak-ka, Director of Enforcement of the SFC, who announced the inclusion of HongKongDAO and BitCuped on a watch list.

The SFC’s investigation revealed that HongKongDAO had falsely claimed to have applied for operating licenses from the Commission and the regional government. These fraudulent actions come on top of the recent loss of millions of dollars by investors on the JPEX exchange earlier this year.

Bitzlato Cryptocurrency Exchange Co-Founder Admits Guilty to Operating Without a License

Anatoly Legkodymov, co-founder and former CEO of cryptocurrency exchange Bitzlato, appeared before the Eastern District Court of New York in Brooklyn. This, to plead guilty to operating a financial services business without a license. Before Judge Eric Vitaliano, Legkodymov agreed to the dissolution of Bitzlato and the forfeiture of a staggering $23 million in cryptocurrency as part of his plea deal.

This admission of guilt translates into Legkodymov’s recognition of the accusations brought against him. Breon Peace, United States Attorney for the Eastern District of New York, highlighted Legkodymov’s awareness of the use of Bitzlato as a conducive medium for illicit monetary transactions, indicating lax controls that allowed exploitation by criminals.

By Audy Castaneda


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