JPMorgan Chase CEO Jamie Dimon has as soon as once more expressed his sturdy opposition to crypto, advocating for a ban on digital property 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 throughout 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 main use case as facilitating prison actions.

Dimon’s strong criticism displays issues about unlawful actions equivalent to cash laundering and tax avoidance enabled by digital property. Notably, he went as far as to recommend that he would shut down the complete crypto business if he had the authority. Dimon said:

If I used to be the federal government, I’d shut it down.

Dimon’s latest feedback align together with his previous public statements about cryptocurrencies. Prior to now, Dimon described Bitcoin as a “hyped-up fraud” and even likened it to a “pet rock.”

Nonetheless, Dimon later softened his stance on these remarks, acknowledging the potential of blockchain technology, 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 ought to 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

Based on 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 latest 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 income from his hashish cultivation and distribution operations via cryptocurrency. The funds have been allegedly used to help each his bills and the growth of his drug enterprise.

Moreover, McGirr facilitated the conversion of money into crypto for different people concerned in prison actions. It’s reported that he exploited the names of his fellow traffickers, who possessed respectable hashish licenses, to produce his prison networks with the hashish he cultivated.

McGirr reportedly admitted to smuggling cannabis concentrates by concealing them in barrels of honey or maple syrup, each into and overseas. Furthermore, it was revealed that McGirr’s month-to-month hashish manufacturing amounted to 150 kilos.

Throughout intensive searches performed on properties related to McGirr, legislation enforcement seized over $6 million price of illicit property. 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 spread of costs associated to their alleged roles within the drug trafficking operations.

Whereas launched from jail, they’re anticipated to look in courtroom shortly to reply the costs introduced towards them.