Sen. Elizabeth Warren (D-Mass.) has positioned herself alongside JPMorgan Chase CEO Jamie Dimon regarding the potential dangers of cryptocurrencies.
What Happened: In an interview with CNBC Squawk, Warren did not mince words about the issues she believes are plaguing the United States, directly associated with the unchecked use of cryptocurrencies.
She referenced Dimon’s congressional hearing remarks, saying, “Look, when Jamie Dimon and I are in exactly the same place, it’s because we have a serious problem in this country.”
Earlier this week, Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government.
Warren said, “A part of the financial system is being used by terrorists, by drug traffickers, by rogue nations, in order to launder money, move money through the system, and finance their illegal activities.”
“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,” says U.S. Senator @ewarren. pic.twitter.com/mAaVOXj5SX
— Squawk Box (@SquawkCNBC) December 7, 2023
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Why It Matters: She noted the dangers of crypto being exploited by entities such as North Korea, saying, “It is being used for drug trafficking. North Korea is using it to pay for about half of its nuclear weapons program. We can’t allow that to continue.”
When asked about the SEC’s decision to approve Bitcoin (CRYPTO: BTC) ETF, Warren said, “The SEC, principally, is talking about regulation, the kind of monitoring the platforms, the markets, make sure that there’s adequate consumer protection,” she explained.
Warren emphasized the urgent necessity for an update to the Bank Secrecy Act, stating, “Following 9/11, the law enforcement folks went back, looked at what had happened, figured out how the financing had made it through the system. And that’s the last time that Congress updated the Bank Secrecy Act, what we need to do is we need to update it again because there’s a new threat out there, it’s crypto.”
Price Action: At the time of writing, Bitcoin was trading at $43,521, down 1.02% in the last 24 hours, according to Benzinga…
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