{"id":1765023,"date":"2022-12-06T15:02:50","date_gmt":"2022-12-06T20:02:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1765023"},"modified":"2022-12-06T15:02:58","modified_gmt":"2022-12-06T20:02:58","slug":"a-complete-sideshow-jpmorgan-chase-ceo-jamie-dimon-says-cryptocurrencies-are-like-pet-rocks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-complete-sideshow-jpmorgan-chase-ceo-jamie-dimon-says-cryptocurrencies-are-like-pet-rocks\/","title":{"rendered":"\u2018A Complete Sideshow\u2019: JPMorgan Chase CEO Jamie Dimon Says Cryptocurrencies Are Like \u2018Pet Rocks\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fa-complete-sideshow-jpmorgan-chase-ceo-jamie-dimon-says-cryptocurrencies-are-like-pet-rocks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1765023&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.dailywire.com\/topic\/jp-morgan\" target=\"_blank\" rel=\"noopener\">JPMorgan Chase<\/a> CEO <a href=\"http:\/\/dailywire.com\/topic\/jamie-dimon\" target=\"_blank\" rel=\"noopener\">Jamie Dimon<\/a> compared <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrencies<\/a> to \u201cpet rocks\u201d on Tuesday and said that the nascent sector is the recipient of undue attention.<\/p>\n<p>The executive <a href=\"https:\/\/www.youtube.com\/watch?v=TIJbTsYbHME&#038;ab_channel=CNBCTelevision\" target=\"_blank\" rel=\"noopener\">told<\/a> a panel of CNBC anchors that their outlet spends too much time covering cryptocurrencies, although he acknowledged that the underlying blockchain technology likely has useful applications. \u201cI think crypto is a complete sideshow,\u201d Dimon said during a Tuesday interview. \u201cCrypto tokens are like pet rocks.\u201d<\/p>\n<p>Cryptocurrency, a form of decentralized <a href=\"https:\/\/www.dailywire.com\/news\/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works\" target=\"_blank\" rel=\"noopener\">digital money<\/a> that can be transferred between users\u2019 virtual wallets, has garnered the skepticism of many regulators and investors over the past several years. Dimon also raised concerns about \u201cterrorism financing, tax avoidance, sex trafficking,\u201d and other ways in which digital assets enable illicit activities. \u201cWhy do we allow this stuff to take place?\u201d he asked.<\/p>\n<p>Dimon predicted that officials would \u201cregulate the hell out of\u201d cryptocurrencies during an <a href=\"https:\/\/www.axios.com\/2021\/10\/04\/jamie-dimon-china-uyghurs\" target=\"_blank\" rel=\"noopener\">interview<\/a> with Axios last year. \u201cIf people are using it for tax avoidance and sex trafficking and ransomware, it\u2019s going to be regulated, whether you like it or not,\u201d he said. \u201cSo it\u2019s not a moral statement. It\u2019s a factual statement.\u201d<\/p>\n<p><b data-stringify-type=\"bold\"><a class=\"c-link\" tabindex=\"-1\" href=\"https:\/\/get.dailywire.com\/subscribe\/plus?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/get.dailywire.com\/subscribe\/plus?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" data-sk=\"tooltip_parent\" data-remove-tab-index=\"true\" aria-describedby=\"sk-tooltip-26946\">TIRED OF THE LEGACY MEDIA\u2019S BIAS CONTROLLING THE NARRATIVE AND OBSCURING THE TRUTH? JOIN US AND SAVE 30%.<\/a><\/p>\n<p>The recent implosion of FTX, a cryptocurrency exchange based in the Bahamas and formerly led by entrepreneur Sam Bankman-Fried, has indeed drawn attention from regulators. The House Financial Services Committee <a href=\"https:\/\/www.dailywire.com\/news\/maxine-waters-blasted-for-gentle-tweet-politely-asking-possible-financial-criminal-sam-bankman-fried-to-testify\" target=\"_blank\" rel=\"noopener\">invited<\/a> the disgraced founder to testify in a hearing scheduled for next week; members of the Senate Agriculture Committee <a href=\"https:\/\/www.dailywire.com\/news\/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times\" target=\"_blank\" rel=\"noopener\">questioned<\/a> Commodity Futures Trading Commission Chairman Rostin Behnam last week on further oversight of the industry.<\/p>\n<p>FTX recently filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> after users discovered that trading firm Alameda Research, a company run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using consumer funds from FTX to make investments. Bankman-Fried, a top <a href=\"https:\/\/www.dailywire.com\/news\/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger\" target=\"_blank\" rel=\"noopener\">contributor<\/a> to Democratic and Republican campaigns, has repeatedly insisted that he did not intentionally commingle funds between the two companies.<\/p>\n<p>New York Times financial columnist Andrew Ross Sorkin <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-denies-wrongdoing-in-ftx-implosion-during-live-streamed-new-york-times-interview\" target=\"_blank\" rel=\"noopener\">pressed<\/a> Bankman-Fried last week on potential wrongdoing during the outlet\u2019s DealBook summit, noting that he received multiple letters from FTX customers who accused the near-broke former billionaire of stealing their life savings. Bankman-Fried said that he was \u201cdeeply sorry about what happened\u201d and claimed that a \u201cfailure of oversight\u201d on his part was responsible for the cryptocurrency empire\u2019s implosion rather than any intention to defraud customers.<\/p>\n<p>Many journalists were surprised that Bankman-Fried has been providing comments to media outlets given the ongoing bankruptcy proceedings for his company, which the attorney who once oversaw the fallout from Enron described as the <a href=\"https:\/\/www.dailywire.com\/news\/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure\" target=\"_blank\" rel=\"noopener\">worst case<\/a> of corporate failure he has ever witnessed. In one message to a Vox reporter, Bankman-Fried admitted that his persona as an \u201ceffective altruist\u201d was largely a ruse meant to earn the trust of \u201cwoke westerners.\u201d<\/p>\n<p>Lawmakers and regulators have advanced the Digital Commodities Consumer Protection Act, a piece of legislation that would <a href=\"https:\/\/www.agriculture.senate.gov\/imo\/media\/doc\/dccpa_fact_sheet.pdf\" target=\"_blank\" rel=\"noopener\">eliminate<\/a> conflicts of interest in the cryptocurrency sector. \u201cFor years many have recognized that a patchwork of federal and state-based regulation is an unsuitable substitute for a comprehensive approach,\u201d Behnam told the Senate Agriculture Committee. \u201cWe are here today because many Americans invested in a novel product and will likely lose money because digital asset markets lack the basic protections that we have all come to expect and have made American financial markets the envy of the world.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase CEO Jamie Dimon compared cryptocurrencies to \u201cpet rocks\u201d on Tuesday and said that the nascent sector is the recipient of undue attention. The executive told a panel of CNBC anchors that their outlet spends too much time covering cryptocurrencies, although he acknowledged that the underlying blockchain technology likely has useful applications. \u201cI think &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1765026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1765023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1765023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1765023"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1765023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1765026"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1765023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1765023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1765023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}