Dimon says regulators should focus on crypto and not big banks

The CEO of JP Morgan says that Crypto is a sideshow and its tokens are like pet rocks.

Ever ready to launch digs at the cryptocurrency industry, Jamie Dimon, CEO of the second largest bank in the world was scornful of crypto when asked about it in a video on CNBC.

He told the CNBC interviewers that they “spent too much time on it”, and that “crypto tokens are like pet rocks”. Even though his bank provides crypto services to some of its customers, Dimon has always continued to criticise the sector. He said that crypto has:

“$20 to $30 billion of ransomware that we know about, $20 to $30 billion of exchange costs that we know about, lots of AML, anti-terrorism financing, tax avoidance, trafficking - why do we allow this stuff to take place?”

Opinion

He added that maybe the regulators should “stop beating up on banks and focus more on crypto”. With this comment Dimon appeared to be saying don’t look at us, look at this industry over here.

It does seem a bit rich that Dimon should be trying to divert the public and watchdog gaze from his bank, when so many of JP Morgan’s nefarious practices over the last few years have been caught and fined extremely heavily. 

It must be relied upon that JP Morgan will be compliant with every single requirement demanded by banking and financial regulations in general, so it does appear a little odd that this bank is caught time and time again in so many differing cases of fraudulent operations.

It also seems rather arrogant that CEO Dimon is able to use his appearances in public to throw dirt at a competing industry without his comments being questioned or his own backyard being put into focus.

When Jamie Dimon speaks the world listens. He is after all one of the most influential men in the global banking industry, and as such his comments are slavishly printed no matter their content.

In a world where wealth and position are what matter, Dimon will surely continue to use his power and influence to tip the scales in his favour. Let us hope that he also uses his time to address the issues in his bank.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.