JPMorgan CEO criticizes role for Bitcoin ETF amid anti-crypto comments.
JPMorgan CEO Jamie Dimon was criticized by the crypto community on X (formerly Twitter) after he was named an Authorized Participant (AP) by BlackRock on Dec. 29 after withdrawing an amended Form S-1 filing.
Commenting on BlackRock's update, Bloomberg ETF analyst Eric Balchunas said, “BlackRock just dropped the updated S-1, and named the APAs: Jane Street and JPMorgan (which is ridiculous).
An Authorized Participant is an organization that has the right to create and buy Exchange Traded Fund (ETF) shares.
BlackRock's updated filing lists Jane Street and JPMorgan Securities as “permitted participants” in the proposed spot Bitcoin ETF application. However, Daemon has not officially supported Bitcoin (BTC).
How about that @ewarren, Jamie Dimon @jpmorgan is involved with #Bitcoin but the only use case is to serve terrorists, drug cartels and other criminals. Or maybe you and Jamie Dimon are simply gaslighting the American people. https://t.co/1dBilLTh7k
— John E. Deaton (@JohnEDeaton1) December 29, 2023
At the hearing of the US Senate Banking Committee on the control of Wall Street companies on December 6, Dimon told several US lawmakers that he would try to block crypto if he were in power in the government, saying that Bitcoin and cryptocurrency are “the only real use.” matter” is facilitating crime.
Crypto experts were quick to point out JPMorgan's hypocrisy as an authorized participant in the BlackRock Space Bitcoin ETF. “Perhaps money laundering, tax evasion, criminal involvement and drug trafficking are also their business,” crypto enthusiast Silver Zimmerman said on X.
“That's fine if BlackRock wants to do all that, but how can JP Morgan do all that after telling Congress and Elizabeth Warren that it's going to be used?” Another user asked Sunny Po on X.
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Pro-XRP (XRP) lawyer John Deaton also expressed doubts about Senator Elizabeth Warren's position on Bitcoin, pointing out that the demon JPMorgan is willing to engage with Bitcoin despite their “negative association 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 a crypto token – JPM Coin – on a private version of the Ethereum blockchain for its institutional client base.
The bank launched a blockchain-based token platform in October with BlackRock as one of its clients. It also contributed $65 million in funding to Ethereum infrastructure firm Consensys in April 2021.
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