JPMorgan CEO backlashed for Bitcoin ETF role amid anti-crypto comments

JinsPublished on 2023-12-29Last updated on 2023-12-31

Abstract

JPMorgan CEO Jamie Dimon is being hauled over the hot coals by the crypto community on X (formerly Twitter) after being named an authorized participant (AP) by BlackRock, which dropped its updated S-1.
Commenting on the BlackRock amendment, Bloomberg ETF analyst Eric Balchunas said, “BlackRock just dropped its updated S-1, and it DOES name the APs: Jane Street and JPMorgan (which is kinda ironic).” possibly referring to the choice of the investment bank as AP.
BlackRock's updated filing named Jane Street and JPMorgan Securities “authorized participants” in its proposed spot Bitcoin ETF application. However, JPMorgan's CEO, Jamie Dimon, hasn't consistently endorsed Bitcoin (BTC) publicly.
How about that @ewarren, Jamie Dimon’s @jpmorgan is involved with #Bitcoin despite its only use case serving terrorists, drug cartels and other criminals. Or maybe you and Jamie Dimon are simply gas lighting the American public. https://t.co/1dBilLTh7k
— John E Deaton (@JohnEDeaton1) December 29, 2023
In a Dec. 6 hearing of the Senate Banking Committee on oversight of Wall Street firms, JPMorgan Chase chair and CEO Jamie Dimon told several United States lawmakers that if he had the authority in government, he would try to shut down crypto, claiming Bitcoin BTC and cryptocurrency’s “only true use case” is to facilitate crime.
Crypto pundits have quickly pointed out the hypocrisy of JPMorgan as an authorized participant in BlackRock’s Bitcoin ETF. “Perhaps money laundering, tax evasion, criminal participation, and drug trafficking is their business as well” said crypto enthusiast @silzimzil on X.
“If BlackRock wants to do all that, then fine, but how can JP Morgan do all that after telling Congress and Elizabeth Warren that this is what it’s used for?” another crypto user, @sunny051488, asked on X.
Related: Invesco Galaxy, Bitwise, WisdomTree, Fidelity join BTC ETF revision rush
XRP lawyer John Deaton also expressed skepticism about Senator Elizabeth Warren’s stance on Bitcoin and pointed out that Jamie Dimon’s JPMorgan is involved with Bitcoin despite “negative associations with criminals.” Deaton questioned whether this was an attempt to mislead the public or engage in gaslighting.
Despite being “deeply opposed” to the digital asset sector, JPMorgan recently launched its crypto token — JPM Coin — on a private version of the Ethereum blockchain for its institutional client base.
The bank also rolled out a blockchain-based tokenization platform in October, with BlackRock as one of its clients. It also contributed to a $65 million funding round for Ethereum infrastructure firm Consensys in April 2021.
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