controlovercryptocurrencies

JPMorgan Chase against crypto businessJamie Dimon, CEO of JPMorgan Chase & Co made a sharp statement to the US Senate Banking Committee. He said that if he were in the government, he would ban all crypto businesses.So, one of the leaders of Wall Street is demanding that the entire crypto business be shut down. Even crypto-skeptics like Gary Gensler weren’t as determined. I must say that Dimon has nothing against blockchain technology as such, JPMorgan Chase has quite successfully released its own stablecoin.Dimon’s claims relate to the lack of control over cryptocurrencies.Fiat currencies allow states (especially US) to control financial flows. Banks are bound by anti-laundering legislation, which makes it easy enough to see their customers and block suspicious transactions.And suddenly, a technology appears that makes control extremely difficult. For example, simply to block a Bitcoin transaction is almost impossible - actually, this impossibility was Satoshi Nakamoto’s initial goal.Both the banking community and American authorities found themselves in uncomfortable situations. For the first time in decades, they cannot control part of the world’s finances. Hence the demand voiced by Dimon: if the crypto business wants to survive, it should introduce anti-laundering rules similar to the banking one.Wishes, of course, are understandable, however, it is not clear how to persuade the entire crypto business to voluntarily accept restrictions. It is clear that some fields that require government authorizations, such as Bitcoin-ETF, will adopt anti-wash restrictions. The rest will have to be forced to retaliate.However, the possibilities of punitive measures are limited. How do you intend to limit the work of decentralized platforms? Are you going to block access to Bitcoin wallets? Are you sure you can do this worldwide?I don’t think the authorities are going to attack the crypto business soon. Not because they do not want to take control, but because of the lack of "controlling" technologies. But in the future, such an attack is almost inevitable. However, the crypto business also does not stand still, so the battle will be at least equal.#cryptobusiness #JamieDimon #controlovercryptocurrencies