The cryptocurrency community on X (previously Twitter) has slammed JPMorgan CEO Jamie Dimon for claiming that the "only true use case" for cryptocurrencies and Bitcoin (BTC) is to help with criminal activity.

“The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance," Dimon stated on December 5 during a hearing before the US Senate Committee on Banking, Housing, and Urban Affairs. "If I were the government, I’d close it down.”

However, cryptocurrency commentators soon exposed Dimon's hypocrisy, pointing out that, according to Good Jobs First's violation tracker, JPMorgan is the second-largest bank penalized, having paid $39.3 billion in fines across 272 violations since 2000.

Approximately $38 billion of these fines were overseen by Dimon, the CEO since 2005.

“Talk about being a fucking hypocrite!” exclaimed cryptocurrency lawyer John Deaton in a post on X on December 6.

With this kind of track record, Jamie Dimon is in no position to criticize Bitcoin, according to VanEck strategy adviser Gabor Gurbacs, who also pointed out that banks globally have paid $380 billion in fines this century.

In September, JPMorgan consented to a $75 million settlement with the U.S. Virgin Islands regarding claims that it sponsored and profited from Jeffrey Epstein's sex trafficking enterprise from 2002 to 2005.

It should be highlighted, though, that settlements do not imply guilt.

October 2013 saw the bank pay $13 billion, the biggest fine in its corporate history, for deceiving investors about mortgage deals that were deemed "toxic."

The value of toxic investments drastically drops, leading to the collapse of the market.

Investigations into several JPMorgan traders for allegedly manipulating different metals futures markets from 2008 to 2016 resulted in settlement agreements worth close to $1 billion, which were finalized in September 2020.

In July 2019, a ship purportedly owned by a JPMorgan fund yielded 20 tons of cocaine valued at $1.3 billion, making JPMorgan the focal point of the biggest cocaine bust in American history.

Sources:

https://cointelegraph.com/news/jp-morgan-ceo-jamie-dimon-hypocrite-crypto-criminals-shut-down

https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase

https://twitter.com/JohnEDeaton1/status/1732474820078588309

https://www.reuters.com/world/us/jpmorgan-settles-epstein-lawsuit-with-us-virgin-islands-75-mln-2023-09-26/

https://www.reuters.com/article/idUSL3N2GK3NJ/

https://www.cbp.gov/newsroom/local-media-release/us-customs-and-border-protection-seizes-msc-gayane-following-record

https://edition.cnn.com/2019/07/10/business/jpmorgan-msc-gayane-cocaine-seizure/index.html

https://x.com/BanklessHQ/status/1732473232735809916