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America Has a New Threat and It’s Crypto, Claims Elizabeth Warren

2 mins
Updated by Kyle Baird
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In Brief

  • Senator Elizabeth Warren claims crypto is a new threat to America, blaming it for terrorism and rogue nation financing.
  • Despite Warren's claims, on-chain analytics show less than 0.2% of crypto is used for illicit finance, Chainalysis reports.
  • JPMorgan CEO Jamie Dimon echoes Warren's stance, asserting the only true use for crypto is criminal activity.
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Anti-crypto senator Elizabeth Warren has unleashed another tirade against crypto, claiming it represents a new threat to America. The comments come in response to those from JPMorgan CEO Jamie Dimon, who said he wanted to close down crypto. 

Speaking on CNBC’s Squawk Box on December 7, the US senator did not hold back in blaming crypto for the evils the nation faces, such as terrorism and rogue nation financing. 

Is Crypto for Criminals?

In partial response to the JPMorgan CEO wanting to shut crypto down, she said

“There’s a new threat out there – it’s crypto and it is being used for terrorist financing and it is being used for drug trafficking. We can’t allow this to continue.”

However, this could not be further from the truth. On-chain analytics have proved that less than 0.2% of crypto is used for illicit finance, according to Chainalysis

Nevertheless, the facts did not stop Senator Warren, who also said that Jamie Dimon and I are in exactly the same place because we have a serious problem in this country.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

She asserts that crypto is being used to finance terrorism, launder money, and support rogue nations. Another truth of the matter is that the majority of these illicit activities are conducted in cash. 

She continued to state that many bank CEOs are also in agreement which comes as no surprise. Decentralized money such as Bitcoin is a big threat to banks and states that strive to maintain a tight leash of control over people’s finances. 

In a hearing before the US Senate Committee on Banking, Housing, and Urban Affairs on December 5, Jamie Dimon said, “The only true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance.” He then added,

“If I were the government, I’d close it down.”

More Hypocrisy Abounds 

However, JPMorgan is the second-largest bank in terms of penalties and fines. It has paid almost $40 billion in fines for 272 violations over the past two decades. The majority of these were while Dimon was CEO. 

The Wall Street bank has also launched its own JPM crypto token on Ethereum. 

It appears that there is one rule for banks and one rule for crypto in the United States. 

Although misinformed politicians such as Senator Warren would love to ban crypto, it would be akin to banning the Internet – simply not achievable. 

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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