JPMorgan Chase & Co. has employed bankrupt crypto lender Celsius Community’s former head of coverage and regulatory affairs as its new head of digital property regulatory coverage. The transfer adopted JPMorgan CEO Jamie Dimon telling U.S. Congress that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.”

JPMorgan Chase Hires Head of Digital Belongings Regulatory Coverage

JPMorgan Chase & Co. has employed a brand new head of digital property regulatory coverage who beforehand labored on the bankrupt crypto agency Celsius Community, Bloomberg reported Wednesday, noting {that a} JPMorgan spokeswoman has confirmed the story.

Aaron Iovine joined JPMorgan Chase this week as government director for digital property regulatory coverage, the publication conveyed, including that the brand new function was just lately created. Iovine will work with JPMorgan’s regulatory affairs group. His Linkedin profile states:

I’ve expertise working with digital asset corporations, fintechs, funds corporations, and legacy monetary establishments.

“My coverage expertise contains points associated to crypto licensing necessities, crypto lending and earn merchandise, stablecoin regulation, BSA/AML/KYC requirements, bank-fintech partnership agreements, real-time funds, cybersecurity requirements, third-party threat administration, AI/ML, and plenty of shopper monetary rules,” the chief’s Linkedin profile additional reads.

This month, JPMorgan additionally posted a gap for a digital property counsel place with its company and funding financial institution in New York.

In the meantime, JPMorgan CEO Jamie Dimon has continued to precise his disapproval of bitcoin and crypto. He advised U.S. Congress in September that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He has additionally repeatedly warned about investing in cryptocurrencies, stressing that they haven’t any intrinsic worth. Nonetheless, the JPMorgan boss believes that decentralized finance (defi) and blockchain are real.

Iovine Was Head of Regulatory Coverage for Bankrupt Crypto Lender Celsius Community

Iovine beforehand served as head of coverage and regulatory affairs at Celsius Community Ltd., the crypto lender that filed for Chapter 11 bankruptcy in July.

Celsius employed Iovine in February from Cross River Financial institution the place he led coverage and regulatory affairs. Previous to becoming a member of Cross River Financial institution in 2019, Iovine spent almost a 12 months as a senior regulatory analyst on the legislation agency White & Case.

Iovine left Celsius in September, two months after the lender filed for chapter. His title is listed amongst hundreds of unsecured collectors with claims towards the crypto agency. Earlier this month, the chapter courtroom published a doc detailing Celsius buyer usernames and commerce historical past.

What do you consider JPMorgan hiring a former Celsius head of coverage as its new head of digital property regulatory coverage? Tell us within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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