"CoinDesk Daily" host Jennifer Sanasie discusses the biggest crypto headlines today, including JPMorgan Chase CEO Jamie Dimon telling lawmakers in a hearing examining the U.S. banking industry Wednesday, "I've always been deeply opposed to bitcoin" and "If I was the government, I'd close it down."
The CEO of the largest bank in the US slams crypto and new legal developments for the former CEO of finance. You're watching Coin Desk daily, I'm your host, Jen Sani. Let's take a look at the markets. Bitcoin is slightly lower today but has climbed roughly 15% in the past week. An analyst told Coindesk TV, that he anticipates the largest Cryptocurrency by market cap reaching 100 and $25,000 by the end of 2024. Despite JP Morgan Chase taking a prominent role among trad five players using Blockchain. The CEO still says he loathes crypto on Wednesday. Jamie Dimond slammed the digital asset sector during a senate hearing. Let's take a look. I've always been deeply opposed to crypto Bitcoin, et cetera. You pointed out the only true use case for it is criminals, drug traffickers, anti money laundering, tax avoidance. And that is a use case uh because it is somewhat anonymous, not fully and because you can move money instantaneously and because it doesn't go through, as you mentioned, all these systems have built up over many years, you know, your customer sanctions of a, it didn't get bypass all of that. I if I was the government's, I'd close it down for a long time. Diamond has spoken about the differences between crypto and Blockchain, which is the ledger technology that serves as the foundation for cryptocurrencies and something diamond argues is a useful tool. A federal judge has accepted B founder Chang Pang Zhao's guilty plea to one count of violating the Bank Secrecy Act but has not yet decided if he can return to his home in the United Arab Emirates ahead of his sentencing in February. While Zhao has been released on bond, prosecutors have asked that he be required to remain in the US and India is unlikely to bring a crypto or web three specific legislative bill anytime soon. That's according to one of India's senior politicians, coin desk, asked a question during India Blockchain week about when India could see a web three specific bill. Jat Sinha, chair of the Standing Committee on Finance in India's parliament said, quote, regulator and policymakers are responsible not just on the innovation side, which of course we want to encourage but also on the safety side, he added, we have to really find the balance and that balance is going to evolve over the next 12 to 18 months. That's a wrap for coin desk daily, get more updates on coindesk.com and we'll see you next time.