JPMorgan Hires Former Executive of Bankrupt Crypto Firm as Head of Digital Assets Regulatory Policy

JPMorgan Hires Former Executive of Bankrupt Crypto Firm as Head of Digital Assets Regulatory Policy

JPMorgan Chase & Co. has employed bankrupt crypto lender Celsius Network’s former head of coverage and regulatory affairs as its new head of digital belongings 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 Assets Regulatory Policy

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

Aaron Iovine joined JPMorgan Chase this week as govt director for digital belongings regulatory coverage, the publication conveyed, including that the brand new function was not too long ago created. Iovine will work with JPMorgan’s regulatory affairs group. His Linkedin profile states:

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

“My policy experience includes issues related to crypto licensing requirements, crypto lending and earn products, stablecoin regulation, BSA/AML/KYC standards, bank-fintech partnership agreements, real-time payments, cybersecurity standards, third-party risk management, AI/ML, and a number of consumer financial regulations,” the manager’s Linkedin profile additional reads.

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

Meanwhile, JPMorgan CEO Jamie Dimon has continued to specific 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. However, the JPMorgan boss believes that decentralized finance (defi) and blockchain are real.

Iovine Was Head of Regulatory Policy for Bankrupt Crypto Lender Celsius Network

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

Celsius employed Iovine in February from Cross River Bank the place he led coverage and regulatory affairs. Prior to becoming a member of Cross River Bank 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 identify is listed amongst 1000’s of unsecured collectors with claims in opposition to the crypto agency. Earlier this month, the chapter courtroom published a doc detailing Celsius buyer usernames and commerce historical past.

What do you concentrate on JPMorgan hiring a former Celsius head of coverage as its new head of digital belongings regulatory coverage? Let us know within the feedback part under.

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