Thursday, December 8, 2022

JPMorgan Hires Iovine For its Crypto Regulatory Policy Team

Global investment giant JPMorgan has coined a new crypto role in its firm and has hired Aaron Iovine to hold the position. According to his LinkedIn profile, Aaron Iovine is serving as the Executive Chairman of Digital Assets Regulatory Policy at JPMorgan.

Before joining the investment banking giant, Iovine worked as Head of Policy and Regulatory Affairs at the bankrupt crypto lender Celsius Network.

Iovine brings together about seven years of experience onboard the investment banking firm. Previously, he worked as the head of Policy and Regulatory Affairs at Cross River, a financial service provider. He joined Cross River as the director of its Policy and Regulatory Affairs Counsel.

Until now, Iovine sits on the advisory board of Transformative Leadership in Disruptive Times at Seton Hall. He is a Fellow of the Internet Law & Policy Foundry and a Business Law Fellow of the Banking Law Committee  American Bar Association.

JPMorgan seeks to Expand its Crypto Regulatory Scope

Onboarding Iovine and the creation of the new role is JPMorgan’s strategy to expand its digital assets regulatory scope. JPMorgan’s move comes in the heat of the crypto blood bath that has led to the devaluation of many cryptocurrencies.

Also, the crypto winter has left many firms insolvent with some applying for bankruptcy and seeking restructuring processes from courts.

Celsius Network which Iovine use to work with was one of the victims of such bankruptcy. When the crypto winter began a few months ago, the crypto lender had started by halting withdrawal from its platform. It later ended up filing for Chapter 11 bankruptcy at a United States Southern District of New York Bankruptcy court.

Meanwhile, JPMorgan Chief Executive Officer Jamie Dimon recently called crypto tokens a ‘decentralized Ponzi scheme’ before a U.S. House Committee Oversight. He unapologetically recalled his stance on cryptocurrencies whilw mentioning Bitcoin (BTC). He cited the millions of dollar that has been lost in the crypto industry. 

Jamie Dimon reiterated the various crimes which are perpetrated with crypto amongst which are money laundering, ransomware attacks and even sex trafficking.

“I’m a major skeptic on crypto tokens, which you call currency like Bitcoin. They are decentralized Ponzi schemes,” he continued “And the notion that it is good for anybody is unbelievable.”

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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