Are cryptocurrencies tools for criminals? JPMorgan Chase was fined $39 billion and issued its own token.

Examining the role of cryptocurrencies in criminal activities JPMorgan Chase fined $39 billion and introduces its own token.

Author: Brayden Lindrea, translated by 疯狂的翻译家, LianGuai

J.P. Morgan CEO Jamie Dimon recently made some comments about Bitcoin and cryptocurrencies during a hearing at the U.S. Senate Committee on Banking, Housing, and Urban Affairs, which has sparked dissatisfaction among cryptocurrency supporters. Dimon claimed that if he were the government, he would shut down Bitcoin, believing its only true purpose is for use by criminals, drug dealers, money laundering, and tax evasion.

However, cryptocurrency experts quickly pointed out the hypocrisy in Dimon’s comments, noting that J.P. Morgan is the second most fined bank, having paid $39.3 billion in penalties in 272 cases of misconduct since 2000, according to Good Jobs First’s violation tracker. Dimon is responsible for approximately $38 billion of those penalties, as he has been CEO since 2005.

Crypto lawyer John Diaton wrote in a December 6th post on X, “He’s just a wolf in sheep’s clothing!”

• Understanding of BTC’s Second Layer Expansion BEVM
• There are new investment opportunities in the cryptocurrency market every year. Older generation investors, don’t keep suffering from PTSD.
• Worldcoin Foundation Unveils Wave0 Initiative to Support Innovators and Equitable Systems

Gabor Gurbacs, strategic advisor at VanEck, stated, “Jamie Dimon has no qualifications to criticize Bitcoin with this kind of record.” He pointed out that banks worldwide have paid $380 billion in penalties since the turn of the century.

In September, J.P. Morgan agreed to a $75 million settlement with the U.S. Virgin Islands, accusing the bank of enabling and profiting from Jeffrey Epstein’s sex trafficking activities between 2002 and 2005. However, it should be noted that a settlement does not imply guilt.

In October 2013, the bank paid $13 billion for misleading investors in “toxic” mortgage-backed securities trades — the largest fine in its history. The toxic investments plummeted in value, leading to a market collapse.

Several J.P. Morgan traders were also investigated for manipulating various metal futures markets between 2008 and 2016 and agreed to pay nearly $1 billion in September 2020 to settle the investigation.

Penalties paid by J.P. Morgan for various misconducts.

In July 2019, a ship owned by a J.P. Morgan-affiliated fund was found to contain 20 tons of cocaine worth $1.3 billion, making it the center of the largest cocaine smuggling case in U.S. history.

Damon said he would shut down cryptocurrencies, but JPMorgan has its own token

JPMorgan CEO said in a hearing to US Senator Elizabeth Warren, “If I were the government, I would shut it down,” summarizing his views on Bitcoin and cryptocurrencies. Despite expressing strong opposition to the digital asset industry, JPMorgan recently launched its own cryptocurrency token – JPM Coin – on a private version of the Ethereum blockchain for its institutional clients.

In October, the bank also launched a tokenized platform based on blockchain, with BlackRock being one of its clients. It also provided $65 million in funding to Ethereum infrastructure company Consensys in April 2021.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!