Bloomberg Law

JPMorgan adds crypto policy chief after Dimon ‘Ponzi Scheme’ mocks

JPMorgan Chase & Co. has appointed. The new head of digital asset regulatory policy, less than a month after CEO Jamie Dimon told lawmakers that cryptocurrencies are “decentralized Ponzi schemes.”

A JPMorgan spokeswoman confirmed that Aaron Iovin joined the company this week as Executive Director of Digital Asset Regulatory Policy, a newly created role. Previously, he was the head of policy and regulation for crypto lender Celsius Network Ltd. bankruptcy filing she has Hadeer digital asset market.

JPMorgan looks to build its policy ranks in cutting-edge digital assets amid an increase Regulatory audit Cryptocurrency values ​​are falling.

Iovine did not respond to a request for comment.

Dimon and other JPMorgan executives have been highly critical of digital assets.

Damon’s comment on “Ponzi schemes” came on September 21 Congressional testimony, during which he called himself “the main skeptic of cryptocurrency”. Takis Georgakopoulos, Global Head of Payments at JPMorgan, for Bloomberg TV Last month, he saw “very little” demand for cryptocurrencies as a payment tool.

JPMorgan’s Jamie Dimon testifies at the Senate Committee on Civil, Banking, and Housing hearing on September 22, 2022.

Photo: Bicyclists/Bloomberg

In addition to the appointment of Iovine, JPMorgan this month Posted an opening For a position as a Digital Asset Advisor with Corporate and Investment Bank in New York.

Stacy Friedman, who has been general counsel for JPMorgan since 2015, did not respond to a request for comment on the New York financial services giant’s interest. Familiar lawyers Distributed Ledger Technologies.

Iovine will work with JPMorgan’s regulatory affairs group, which a year ago welcomed on board Sharon Yang, the managing director and global head of regulatory affairs at Davis Polk & Wardwell. Yang previously served as Deputy Assistant Secretary of Finance for International Financial Markets at the Treasury Department.

Celsius hired Iovine earlier this year from Cross River Bank, a friendly regional lender for digital assets. The company recently brought in Benjamin Melnicki from Robinhood Markets Inc. To be the Head of Cryptocurrency Compliance and Regulation.

Yovin, who also works as a lawyer as Melnicki, spent nearly three years in Cross River, where he led political and regulatory affairs. Cross River hired Iovine in 2019 after spending nearly a year as a Senior Regulatory Analyst at the law firm White & Case.

During the first quarter of this year, Iovine was a part The Cross River team lobbied Congress on “public issues focused on financial services, fintech partnerships, and the Paycheck Protection Program,” according to general deposit.

Iovine left Cross River in Fort Lee, NJ in February to join Celsius, according to his LinkedIn profile. An online resume promoting Iovine’s expertise to “explore the future of financial services while working at the intersection of law, policy, and regulation.”

Celsius left in September, after two months of lending and earning crypto rewards platform filed for bankruptcy in New York.

Chapter 11 case already Big legal bills were born For Kirkland and Ellis — Court Deposits show The latter has received at least $3.5 million in retainer payments – and other companies. The spark has also ignited Fraud accusations Against Celsius in London by a former employee of the company, the debtor accused him of deception.

bankruptcy Schedule For the case of Celsius, the name Iovine appears on the file List of thousands of unsecured creditors with claims against the company. They include Ron Deutsch, a former consultant at Paul, Weiss, Rifkind and Wharton & Garrison that Celsius hired last year to be general counsel and head of mergers and acquisitions.

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