Dimon Threatens Cryptocurrency Industry Crackdown Amid Calls for Tighter Regulation and Recent Scandals
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Jamie Dimon said he would "close down" the cryptocurrency industry if he had the power, calling it deeply opposed.
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He said bad actors use crypto to launder money, dodge taxes, and it remains largely unregulated and hard to trace.
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This follows a turbulent year for crypto, including Sam Bankman-Fried's fraud conviction and a settlement with Binance for AML violations.
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Sen. Elizabeth Warren said crypto lobbyists are blocking legislation to tighten rules, urging bank CEOs to support anti-money laundering legislation.
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Despite regulatory pressure, bitcoin's price has surged over 150% this year to nearly $44,000.