JPMorgan Actively Involved in BTC ETF, Despite CEO Jamie Dimon’s Vocal Disapproval

JPMorgan Chase agreed to play an important position in BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) regardless of CEO Jamie Dimon’s vocal anti-crypto stance. 

JPMorgan Chase CEO Jamie Dimon has by no means been one to maintain his disapproval of bitcoin and cryptocurrencies a secret. Regardless of the CEO’s opposition to digital belongings, JPMorgan agreed to play an important position in BlackRock’s spot BTC ETF software. 

Jamie Dimon Would Abolish Crypto If He Might

Simply weeks in the past, Jamie Dimon advised the US authorities to shut down the industry. On the December 6 hearing of the State Senate Banking Committee on oversight of Wall Road companies, Dimon stated, “I’ve all the time been deeply against crypto, bitcoin, and many others.” In accordance with the billionaire CEO, “The one true case for it’s criminals,” and opined “, If I used to be the federal government, I’d shut it down.” 

Dimon has made quite a few statements dismissing bitcoin, urging folks to “keep away” from cryptocurrencies, calling it a “fraud” in 2017. Extra recently, Dimon referred to crypto as “decentralised Ponzi schemes” and steered regulators shift their focus away from conventional banks to the crypto trade. 

Whereas Dimon continues to bash bitcoin, JPMorgan is investing extra curiosity within the unique crypto. On Friday, December 29, it was revealed that JPMorgan will play a major position in BlackRock’s proposed BTC ETF. BlackRock amended its ETF software with the SEC naming JPMorgan as one among its “approved contributors.” 

On its website, BlackRock explains that if it receives approval for its ETF, JPMorgan will play a “central position”, together with “making certain that ETF costs are correct, and that buying and selling is easy, in all market situations.”

Opinion – Hypocritical A lot?

Dimon’s oblique involvement in crypto belongings is complicated at greatest. Whereas lobbying for a bitcoin ban, JPMorgan has been appointed in a massively essential capability as one among BlackRock’s capital market facilitators. Might we dare name this precarious state of affairs considerably hypocritical? 

Outstanding pro-crypto lawyer John Deaton identified this hypocrisy in a remark made on an X post by Bloomberg’s ETF analyst Eric Balchunas.  

Balchunas posted on X quickly after BlackRock up to date its S-1 submitting with the SEC, highlighting the irony of JPMorgan’s position. 

Deaton was fast to name out JPMorgan’s involvement:

“How about that @ewarren, Jamie Dimon’s @jpmorgan is concerned with #Bitcoin regardless of its solely use case serving terrorists, drug cartels and different criminals. Or perhaps you and Jamie Dimon are merely fuel lighting the American public.”  

Including to the confusion, JPMorgan lately launched its crypto token, JPM Coin, on a model of Ethereum for its institutional shoppers regardless of the financial institution being “deeply opposed” to the digital asset trade. 

Disclaimer: This text is offered for informational functions solely. It’s not supplied or meant for use as authorized, tax, funding, monetary, or different recommendation.