JPMorgan Hires Former Celsius Exec as New Head of Crypto Regulatory Coverage

JPMorgan (JPM) named Aaron Iovine, the previous head of coverage and regulatory affairs at bankrupt cryptocurrency lender Celsius Community, to run crypto regulatory coverage, lower than a month after CEO Jamie Dimon referred to as the asset class “decentralized Ponzi schemes.”

What You Must Know

  • JPMorgan has employed Aaron Iovine as its new head of crypto regulatory coverage.
  • Iovine is the previous head of coverage and regulatory affairs for cryptocurrency lender Celsius Community.
  • Since JPMorgan has lengthy been important of cryptocurrency, the transfer is fascinating.

What Dimon Thinks About Crypto

JPMorgan CEO Jamie Dimon has lengthy been a critic of cryptocurrencies. He has referred to as himself a “main skeptic on crypto tokens.” However, he praised blockchain expertise, highlighting a few of its “actual” points and citing JPMorgan’s Onyx system for wholesale funds for example.

Background of New Crypto Head

Earlier than becoming a member of Celsius, Iovine led coverage and regulatory affairs at Cross River Financial institution, a digital asset-friendly financial institution. Beforehand, he was a senior regulatory analyst on the regulation agency White & Case. Earlier this 12 months, Iovine was a part of a Cross River group that lobbied Congress on monetary companies, fintech partnerships, and payroll safety. 

His LinkedIn bio describes him as “exploring the way forward for monetary companies whereas working on the intersections of regulation, coverage, and regulation.”  He states his focus all through his profession as “growing insurance policies that foster accountable innovation whereas emphasizing client safety and regulatory oversight.” Iovine left Celsius two months after the platform filed for chapter. The corporate can be dealing with fraud allegations from a former worker. In keeping with a chapter docket, Iovine is listed as one of many 1000’s of unsecured collectors with claims towards them. 

The Backside Line

JPMorgan’s newest transfer illustrates how big banks aren’t going to overlook out on the chance associated to crypto. In 2019, JPMorgan launched its personal U.S.-dollar pegged stablecoin dubbed JPM Coin. The financial institution additionally permits its wealth administration shoppers to purchase into Bitcoin, Ethereum, Bitcoin Money, and Ethereum Basic, in addition to shares in Grayscale Bitcoin Belief (GBTC). Earlier this month, it posted a gap for a digital belongings counsel place with its company and funding financial institution.

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