JPMorgan Chase & Co. has hired bankrupt crypto lender Celsius Network’s former head of policy and regulatory affairs as its new head of digital assets regulatory policy. The move followed JPMorgan CEO Jamie Dimon telling U.S. Congress that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.”
JPMorgan Chase Hires Head for Digital Assets Regulatory Policy
JPMorgan Chase & Co. has hired a new head of digital assets regulatory policy who previously worked at the bankrupt crypto firm Celsius Network, Bloomberg reported Wednesday, noting that a JPMorgan spokeswoman has confirmed the story.
This week, JPMorgan Chase’s Aaron Iovine was appointed executive director of digital assets regulatory policy. The publication confirmed that this new position had just been created. Iovine will work with JPMorgan’s regulatory affairs group. According to his Linkedin profile:
My experience includes working with legacy financial institutions, fintechs and digital asset companies.
“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 executive’s Linkedin profile further reads.
JPMorgan announced this month that it has an open position for a digital asset counsel with its investment bank in New York.
Jamie Dimon, CEO of JPMorgan has maintained his opposition to crypto and bitcoin. He told U.S. Congress in September that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He has also repeatedly warned about investing in cryptocurrencies, stressing that they have no intrinsic value. The JPMorgan boss, however, believes decentralized finance (defi), and blockchain are real.
Iovine Headed Regulatory Policy Bankrupt Crypto Lender Celsius Network
Iovine was previously head of regulatory and policy affairs for Celsius Network Ltd. (the crypto lender which filed for Chapter 11 bankruptcy protection in July).
Celsius brought Iovine to the bank from Cross River Bank, where he was responsible for policy and regulatory affairs. Prior to joining Cross River Bank in 2019, Iovine spent nearly a year as a senior regulatory analyst at the law firm White & Case.
Celsius was closed in September by Iovine, just two months after the lender declared bankruptcy. Iovine’s name appears among the thousands of other unsecured creditors that have claimed against the crypto-firm. The bankruptcy court released a document earlier this month that listed Celsius customers usernames and their trade histories.
Do you agree with JPMorgan’s hiring of a former Celsius policy head as the head of its new digital asset regulatory policy department? Please comment below.
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