Crypto Policy Head Joins JPMorgan Despite CEO’s Remarks

Sienna Bates
Source: The Financial Technology Report

Crypto policy expert Aaron Iovine joined JPMorgan Chase & Co. just one month after CEO Jamie Dimon claimed that cryptocurrencies are “decentralized Ponzi schemes.”

Iovine started work at the multinational investment bank this week as the executive director for digital assets regulatory policy, which is a newly created role for the firm. Prior to his recent hiring, Iovine worked for Celsius Network Ltd. — a cryptocurrency lender — as the head of policy and regulations. The company’s bankruptcy filing in July sent shockwaves through the digital asset market.

Iovine, who is an attorney, worked for digital-asset-friendly regional lender Cross River Bank earlier this year. He had been working for the company since 2019 until he was replaced by fellow attorney Benjamin Melnicki.

JPMorgan Looking to Improve Its Crypto Policy in Spite of Criticism

JPMorgan executives appear to have held a critical view of crypto until recently. Dimon is a “major skeptic on crypto tokens,” according to his September 21 congressional testimony. Global head of payments at JPMorgan Takis Georgakopoulos also noted that there seems to be “very little” demand for cryptocurrency in terms of direct payment.

Despite vocal criticism from Dimon and other staff members, cryptocurrency’s relevance remains strong, and JPMorgan has taken notice. The firm also posted a new position for digital assets counsel for its New York branch.