During a Senate hearing on financial regulations, bank CEOs expressed concerns about proposed new regulations, including the “Basel Endgame III” rule, which they fear could impede lending and harm small businesses. However, there was unanimous agreement among the CEOs that cryptocurrencies should be subject to anti-money laundering rules to prevent their misuse for illicit activities.

Senator Elizabeth Warren questioned the CEOs about the use of cryptocurrencies for illicit finance, citing estimates that $20 billion in crypto transactions last year funded criminal organizations and rogue regimes. She called for updating laws to ensure that anti-money laundering regulations cover cryptocurrencies.

JPMorgan CEO Jamie Dimon went further, stating that the predominant use case for cryptocurrencies is currently among criminals, drug traffickers, and those violating anti-money laundering regulations. He suggested that the government should close down cryptocurrencies due to their ability to bypass regulatory checkpoints.

In response to these concerns, Senator Warren advocated for extending anti-money laundering rules to cryptocurrencies, emphasizing the need to prevent terrorist attacks and rogue nations’ financing through unregulated crypto transactions.

While the CEOs agreed on the need for anti-money laundering regulations for cryptocurrencies, they also expressed pushback against perceived overregulation in their own industry.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Jamie Dimon, Elizabeth Warren
Companies	Citigroup, Wells Fargo, Morgan Stanley, JPMorgan, Goldman Sachs
Currencies	None
Securities	None