Jamie Dimon Writes Off Crypto As A 'Complete Sideshow,' Likens Tokens To 'Pet Rocks'

JPMorgan Chase & Co JPM CEO Jamie Dimon trashed cryptocurrencies in the wake of the FTX fallout and slammed media companies for giving crypto too much attention. 

"Crypto is a complete sideshow and you guys spend too much time on it," Dimon said Tuesday on CNBC's "Squawk Box."

"Crypto tokens are like pet rocks."

What To Know: Dimon maintained his positive outlook on the potential of blockchain technology, smart contracts and Web 3.0. In his annual letter to shareholders, the JPMorgan chief noted "decentralized finance and blockchain are real, new technologies."

Check This Out: Benzinga Podcasts: Reacting To Jamie Dimon's Annual Shareholder Letter

"But cryptocurrencies that don't do anything. I don't understand why people are spending their time on that," Dimon told CNBC.

He continued to target crypto tokens such as Bitcoin BTC/USD and Ethereum ETH/USD when he noted many of them are used for ransomware, money laundering, terrorism, tax avoidance and sex trafficking.

Dimon said: "Why do we allow this stuff to take place?"

The JPMorgan CEO called on regulators to spend more of their time on crypto instead of focusing on banks. 

The Biden administration called for stronger regulatory controls on crypto following the unraveling of FTX. The U.K. also intends to pass new regulatory legislation.

Related Link: FTX Collapse Jolts UK Into Adding Crypto Rules, Oversight To Latest Legislation

JPM Price Action: JPMorgan has a 52-week high of $169.81 and a 52-week low of $101.28.

The stock was down 0.66% at $130.46 at time of publication, according to Benzinga Pro.

Photo: Miloslav Hamřík from Pixabay.