In a recent CNBC interview, U.S. Senator Elizabeth Warren blamed cryptocurrencies for national issues like terrorism and rogue nation financing.
This aligns with JPMorgan CEO Jamie Dimon's call to shut down the crypto industry.
JPMorgan CEO Jamie Dimon said:
"If I were the government, I’d close it down. I’ve always been deeply opposed to crypto, Bitcoin, etc. The only true use case for it is for criminals – drug traffickers, anti-money laundering, tax avoidance… and that is a use case."
However, on-chain analytics from Chainalysis contradicts this, showing that less than 0.2% of crypto is used for illicit finance.
Screenshot taken from Chainalysis:
Despite this data, Senator Warren persisted, alleging that crypto funds terrorism, launders money, and supports rogue nations, disregarding the prevalence of such activities in cash transactions.
Senator Elizabeth Warren said:
"There’s a new threat out there – it’s crypto and it is being used for terrorist financing and it is being used for drug trafficking. We can’t allow this to continue."
Senator Warren's stance mirrors that of many bank CEOs who perceive decentralised money, particularly Bitcoin, as a threat to their control over people's finances.
JPMorgan, the second-largest bank with a history of significant penalties and fines, paid nearly $40 billion for 272 violations over the past two decades, most occurring while Dimon was CEO.
Despite this, the bank launched its own JPM crypto token on the Ethereum blockchain.
The apparent double standard in the treatment of banks and crypto in the U.S. highlights a broader issue of misinformation.
This raises concerns about potential regulatory bias against the cryptocurrency industry, impacting its growth and acceptance.
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Brian