JPMorgan Chase CEO Jamie Dimon has as soon as once more expressed his robust opposition to crypto, advocating for a ban on digital belongings equivalent to Bitcoin (BTC). Throughout a Senate Banking Committee listening to, Dimon made these remarks in response to questions from Senator Elizabeth Warren.
Jamie Dimon’s Senate Testimony
Dimon’s remarks through the Senate listening to reinforce his long-standing disapproval of cryptocurrencies. Dimon said that he has at all times been deeply against crypto, referring to Bitcoin and its friends, and emphasised that he sees their major use case as facilitating felony actions.
Dimon’s robust criticism displays issues about unlawful actions equivalent to cash laundering and tax avoidance enabled by digital belongings. Notably, he went as far as to counsel that he would shut down your entire crypto business if he had the authority. Dimon said:
If I used to be the federal government, I’d shut it down.
Dimon’s current feedback align together with his earlier public statements about cryptocurrencies. Previously, Dimon described Bitcoin as a “hyped-up fraud” and even likened it to a “pet rock.”
Nevertheless, Dimon later softened his stance on these remarks, acknowledging the potential of blockchain expertise, which underpins cryptocurrencies.
Throughout the Senate listening to, Dimon, together with a number of different CEOs of main banks, agreed with Senator Warren’s proposal that crypto corporations must be topic to the identical anti-money laundering laws as conventional monetary establishments.
Drug Traffickers In Canada Accused Of Laundering Earnings By way of Crypto
In response to a Protos report, The Royal Canadian Mounted Police (RCMP) has disclosed particulars of an ongoing investigation concentrating on high-level drug traffickers accused of utilizing cryptocurrency to launder proceeds and smuggling marijuana hid inside barrels of maple syrup.
Generally known as the ‘Decrypt’ operation, the RCMP initiated the investigation in April 2021, and a current announcement make clear the alleged involvement of James Robert McGirr, a 39-year-old particular person, in a number of drug trafficking schemes.
Per the report, McGirr is accused of laundering the earnings from his hashish cultivation and distribution operations by cryptocurrency. The funds had been allegedly used to assist each his bills and the growth of his drug enterprise.
Moreover, McGirr facilitated the conversion of money into crypto for different people concerned in felony actions. It’s reported that he exploited the names of his fellow traffickers, who possessed legit hashish licenses, to produce his felony networks with the hashish he cultivated.
McGirr reportedly admitted to smuggling hashish concentrates by concealing them in barrels of honey or maple syrup, each into and in another country. Furthermore, it was revealed that McGirr’s month-to-month hashish manufacturing amounted to 150 kilos.
Throughout intensive searches carried out on properties related to McGirr, regulation enforcement seized over $6 million price of illicit belongings. These included $2 million price of hashish, $3 million in property, $700,000 in drug and crypto tools (together with a Bitcoin ATM), seven firearms, $200,000 in luxurious gadgets, and $15,000 in money.
McGirr, together with six different people concerned within the drug trafficking rings, was arrested as a part of the investigation. The people face a variety of expenses associated to their alleged roles within the drug trafficking operations.
Whereas launched from jail, they’re anticipated to look in court docket shortly to reply the costs introduced towards them.
As of this writing, the whole crypto market capitalization has reached $1.56 trillion for the primary time since Could 2022.
Featured picture from Shutterstock, chart from TradingView.com
