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JPMorgan hires ex-Celsius executive as head of crypto regulatory policy

JPMorgan hires ex-Celsius executive as head of crypto regulatory policy

According to his LinkedIn profile, former Celsius Network executive Aaron Iovine has joined JPMorgan Chase (NYSE: JPM) as executive director of digital assets regulatory policy. 

This comes just a few days after the bank’s chief executive, Jamie Dimon, referred to cryptocurrencies as fraudulent and decentralized Ponzi schemes

Iovine was the head of policy and regulatory relations for the defunct cryptocurrency lender Celsius, a position he held for eight months until leaving in September. 

Celsius files for bankruptcy

In July, Celsius filed for bankruptcy as the value of risk assets such as Bitcoin continued to plummet due to the tightening of monetary policy. In May, the failure of two major cryptocurrencies, TerraUSD and Luna, put more pressure on cryptocurrency markets. Interestingly, other senior Celsius executives withdrew $17 million in crypto just before bankruptcy.

While documents reveal Kristine Mashinsky, the wife of ex-Celsius CEO Alexander Mashinsky, appears to have withdrawn over $2 million in the CEL token on May 31.

Elsewhere, a representative for JPMorgan has verified the hiring of Iovine, but they have refused to disclose any further information. Meanwhile, Dimon is known for being an outspoken opponent of cryptocurrency.

At the Institute of International Finance gathering the week before, he reiterated his critique of digital assets, claiming that crypto tokens lacked value.

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