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

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 & 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.

Aaron Iovine joined JPMorgan Chase this week as executive director for digital assets regulatory policy, the publication conveyed, adding that the new role was recently created. Iovine will work with JPMorgan’s regulatory affairs group. His Linkedin profile states:

I have experience working with digital asset companies, fintechs, payments companies, and legacy financial institutions.

“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.

This month, JPMorgan also posted an opening for a digital assets counsel position with its corporate and investment bank in New York.

Meanwhile, JPMorgan CEO Jamie Dimon has continued to express his disapproval of bitcoin and crypto. 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. However, the JPMorgan boss believes that decentralized finance (defi) and blockchain are real.

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

Celsius hired Iovine in February from Cross River Bank where he led 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.

Iovine left Celsius in September, two months after the lender filed for bankruptcy. His name is listed among thousands of unsecured creditors with claims against the crypto firm. Earlier this month, the bankruptcy court published a document detailing Celsius customer usernames and trade history.

What do you think about JPMorgan hiring a former Celsius head of policy as its new head of digital assets regulatory policy? Let us know in the comments section below.