Blackrock Names JPMorgan as Authorized Participant for Spot Bitcoin ETF Despite Jamie Dimon Wanting to Ban Crypto

Blackrock, the world’s largest asset supervisor, has named JPMorgan as a lead approved participant for its spot bitcoin exchange-traded fund (ETF). This adopted JPMorgan CEO Jamie Dimon stating in a congressional listening to that bitcoin and cryptocurrency are used primarily for felony functions and that he would shut down crypto if he had been the federal government.

JPMorgan Named Authorized Participant by Blackrock for Spot Bitcoin ETF

On the ultimate day of the U.S. Securities and Exchange Commission (SEC)’s deadline, Blackrock, the world’s largest asset supervisor, submitted an up to date submitting for its spot bitcoin exchange-traded fund (ETF). The SEC gave spot bitcoin ETF candidates till Friday to submit their amended filings to be able to be included within the first batch of choices in early January. Moreover, the securities regulator reportedly mentioned it needs approved individuals (APs) named in amended filings.

Blackrock’s newest amended submitting exhibits that it has named JPMorgan and Jane Street because the approved individuals for its spot bitcoin ETF. However, JPMorgan CEO Jamie Dimon not too long ago mentioned at a Senate listening to in reply to a query by Senator Elizabeth Warren (D-MA) that he would shut down cryptocurrency if he had been the federal government, emphasizing that bitcoin and crypto are primarily used for felony functions.

Commenting on JPMorgan’s settlement with Blackrock regardless of Dimon’s destructive stance on crypto, Vaneck’s director of digital property technique, Gabor Gurbacs, stated on social media platform X Friday:

3 weeks after JP Morgan CEO says bitcoin is for criminals, drug traffickers, and cash launderers in entrance of Congress, his agency is called approved participant for the Blackrock bitcoin ETF … maybe it’s time to retract that assertion?

Many individuals on social media shared the sentiment. Zerohedge wrote on X: Jamie Dimon, who ‘hates’ bitcoin, will likely be broker-dealer on the bitcoin ETF of the world’s greatest asset supervisor.” In one other put up, the person wrote: “Dear Senator Elizabeth Warren, Jamie Dimon is ‘on it’: he will likely be lead AP on the Blackrock and Invesco bitcoin ETFs, accelerating international adoption of crypto, and lifting the worth of the product that ‘he’s all the time been against’ into the trillions.”

According to their up to date submitting with the SEC, Invesco/Galaxy additionally named JPMorgan as a certified participant for his or her proposed spot bitcoin ETF.

Besides Blackrock, a number of different spot bitcoin ETF candidates — together with Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the Ark Investments and 21shares joint endeavor — additionally submitted their amended filings with the SEC on Friday, aiming to be thought-about within the preliminary wave of spot bitcoin ETF selections.

While many are bullish that spot bitcoin ETF approvals would enhance the value of BTC, JPMorgan’s analysts are skeptical. They mentioned in a November observe that spot bitcoin ETFs might put “severe downward pressure on bitcoin’s worth.” Meanwhile, Blackrock disclosed in a submitting final week a plan to seed its spot bitcoin ETF with $10 million on Jan. 3.

What do you consider Blackrock naming JPMorgan as a certified participant for its spot bitcoin ETF regardless of Jamie Dimon eager to shut down crypto? Let us know within the feedback part under.