JPMorgan Chase CEO Jamie Dimon has once again voiced his opposition to cryptocurrency, suggesting that they should even be banned. He also agreed with Senator Elizabeth Warren about the need for regulation of cryptocurrency. H.R. A pro-blockchain law known as H.R. The U.S. House Committee on Energy and Commerce unanimously approved H.R. 6572, the "Deploying America Blockchains Act 2023," which aims to increase the U.S.'s competitiveness in the blockchain sector. Under the parent company WonderFi's management, Canada's leading cryptocurrency exchanges Bitbuy, Coinsquare and Coinsquare have managed over one billion Canadian dollars of assets. Their growth in terms of user numbers and trading volumes has been impressive since their merger with WonderFi 2023.
"Crypto should be banned"
Jamie Dimon, CEO of JPMorgan Chase, made a very strong statement about his dislike for cryptocurrencies. He even suggested they should be outlawed. Senator Elizabeth Warren questioned Dimon about his remarks during a Senate Banking Committee meeting.
Dimon, the head of the largest bank by assets in the United States, was not shy about his opinions on cryptocurrency. He said, "I have always been against crypto, bitcoins, etc." He continued to say that only criminals, drug dealers, money launderers, and tax evaders could use cryptocurrencies.
Jamie Dimon is not the first to express his disapproval of cryptocurrencies. He has referred to Bitcoin in the past as "a hyped up fraud" and compared it even to a pet rock. He later retracted some of his statements.
Senator Warren interrogated Dimon and the CEOs of the major banks during the Senate hearing on the topic of cryptocurrency regulation. Many were surprised to see that Senator Warren and the bankers reached a rare agreement. The two agreed that cryptocurrency companies must be subjected to the same anti money laundering regulations as traditional banks.
Senator Warren, also a vocal critic in the banking sector, stressed the importance of cryptocurrency regulations for national security. She said, "I don't usually hold hands with CEOs of multi-billion dollar banks when it comes to banking policies, but this is an issue of national security." Crypto should not be used by terrorists, drug dealers, or rogue countries for their dangerous activities. "It is time for Congress act."
Jamie Dimon may have reservations about cryptocurrency, but it is worth noting that JPMorgan Chase has a strong involvement in blockchain technology. This is the backbone of cryptocurrency.
Blockchain Bill Passed
Others are embracing blockchain technology and the cryptocurrency industry. While some fight tooth and nail to stop it, others appear to fully embrace it. The U.S. House Committee on Energy and Commerce unanimously passed a bill that supports blockchain technology. H.R. The bill, H.R.
The vote of the committee, which was overwhelmingly 46-0, took place in a larger session on December 5, where 44 legislative items were discussed. The 13-page document outlines Gina Raimondo's clear mandate to take actions that will promote the competitiveness and efficiency of the United States through the deployment, use, application and competitiveness in blockchain technology and distributed ledger technologies.
Cody Carbone is the head of policy at the Chamber of Digital Commerce. He expressed his support of the bill, highlighting the importance of preserving U.S. dominance in the blockchain development. He stressed that this leadership was crucial in the rapidly changing blockchain landscape. Kristin Smit, CEO of Blockchain Association, also supported the bill. She said that it would help to improve the competitiveness of the United States in the new blockchain sector.
The bill includes provisions that direct the Commerce Secretary to develop best practices, policies and recommendations both for the public and private sector when implementing Blockchain technology. The bill also proposes the creation a "Blockchain Deployment Program", which will support the use blockchain technology.
The bill also calls for government advisory committees to facilitate blockchain adoption. These committees will be made up of representatives from federal agencies, blockchain industry experts and stakeholders, as well as other relevant parties. The bill also aims to enhance coordination between federal agencies that are interested in using blockchain technology and promote blockchain leadership in the U.S. The bill also requires studies to evaluate federal agencies' current usage of blockchain technology and their readiness to adopt this technology in future.
This pro-crypto legislation is a step in the right direction towards embracing blockchain, but it's just one of several bills being discussed by Congress about cryptocurrencies and blockchain. Notable is the "Financial Innovation and Technology for the 21st Century Act," a bill that addresses the classification of cryptocurrencies as securities or commodities and clarifies regulatory jurisdictions.
The Deploying American Blockchains Act will be voted on in the House of Representatives. The Deploying American Blockchains Act will be voted on in the House of Representatives.
Canadian Crypto Exchanges Reach $1 Billion in AUM
Canada is also embracing cryptocurrency and its many benefits. Bitbuy and Coinsquare are two of Canada's top cryptocurrency exchanges. They have achieved a major milestone, surpassing a billion Canadian dollars (736 million USD) in assets managed (AUM). The parent company of both exchanges, WonderFi, announced this on December 6. These platforms have experienced rapid growth in a very short time. Their assets under management increased from 695 millions CAD ($512) million at the end of the third quarter.
Both Bitbuy and Coinsquare saw a massive 16% increase in the number of monthly active users during the month November compared to last month. The platforms also saw a 54% increase in the total trading volume.
In July 2023, Bitbuy and Coinsquare merged with WonderFi to form the decentralized financial (DeFi), platform. Kevin O'Leary (also known as Mr. The merger of the two companies, which was backed by prominent Canadian businessman Kevin O'Leary (also known as "Mr.
Bitbuy in particular caught the eye of many cryptocurrency enthusiasts in November 2021, when it became the first fully regulated crypto-exchange in Canada. Bitbuy was granted a license by the Ontario Securities Commission, confirming its status as a compliant and trusted platform. Coinsquare, the first Canadian crypto exchange to be granted broker-dealer status by the Investment Industry Regulatory Organization of Canada in October 2022, followed suit.
