Senator Elizabeth Warren used a recent Wall Street oversight hearing to whine about cryptocurrency.
At one point, almost as if a well-choreographed football play, she passed the ball to Jamie Dimon — CEO of JP Morgan Chase, the biggest bank in the world — to “explain why crypto is such an attractive financial tool for terrorists, drug traffickers, and rogue nations?”
It’s hard to imagine a more loaded question.
Mr. Dimon gleefully caught the pass and said:
I’ve always been deeply opposed to crypto, Bitcoin, etc. You pointed out the only true use case for it is criminals, drug traffickers, anti-money laundering [sic], tax avoidance… because it doesn’t go through, as you mentioned, all these systems built up over many years — Know Your Customer, sanctions, OFAC [Office of Foreign Assets Control] — they can bypass all of that.
What an astonishing display of complete and total ignorance on the part of Mr. Dimon and Ms. Warren.
This notion that Bitcoin is great for criminals is one of the most worn out, naive tropes about cryptocurrency that exists. Criminals can (and do) use virtually ANYTHING to launder money, conduct transactions, and extort their victims.