JPMorgan Hires Former Celsius Exec as New Head of Crypto Regulatory Policy
JPMorgan ( JPM ) has named attorney Aaron Iovine as its new head of crypto regulatory policy less than a month after CEO Jamie Dimon called cryptocurrencies “decentralized Ponzi schemes.” Iovine is the former head of policy and regulatory affairs for cryptocurrency lender Celsius Network, which filed for bankruptcy in July.
What you need to know
- JPMorgan has hired Aaron Iovine as its new head of crypto regulatory policy.
- Iovine is the former head of policy and regulatory affairs for cryptocurrency lender Celsius Network.
- Since JPMorgan has long been critical of cryptocurrency, the move is interesting.
What Dimon thinks about Crypto
JPMorgan CEO Jamie Dimon has long been a critic of cryptocurrencies. He has called himself a “big skeptic of crypto-tokens.” Last month, he called cryptocurrencies “decentralized Ponzi schemes.”Nonetheless, he praised blockchain technology, highlighting some of its “real-world” aspects and citing JPMorgan’s Onyx system for wholesale payments as an example. Even with Dimon’s controversial stance on crypto, the world’s largest investment bank couldn’t stop itself from hiring a new head of digital asset regulation.
Wallpaper by New Crypto Head
Before joining Celsius, Iovine led policy and regulatory affairs at Cross River Bank, a digital asset-friendly bank. Previously, he was a senior regulatory analyst at the law firm White & Case. Earlier this year, Iovine was part of a Cross River team that lobbied Congress on financial services, fintech partnerships and wage protections.
His LinkedIn bio describes him as “exploring the future of financial services while working at the intersection of law, policy and regulation.” He states his focus throughout his career as “developing policies that promote responsible innovation while emphasizing consumer protection and regulatory oversight.” Iovine left Celsius two months after the platform filed for bankruptcy. The company is also facing fraud allegations from a former employee. According to a bankruptcy filing, Iovine is listed as one of the thousands of unsecured creditors with claims against them.
The bottom line
JPMorgan’s latest move illustrates how giant banks are not going to miss the opportunity associated with crypto. In 2019, JPMorgan launched its own US dollar-pegged stablecoin called JPM Coin. The bank also allows its wealth management clients to buy into Bitcoin, Ethereum, Bitcoin Cash and Ethereum Classic, as well as shares in the Grayscale Bitcoin Trust (GBTC). Earlier this month, it posted an opening for a digital asset advisor position at the corporate and investment bank.
