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JPMorgan CEO Jamie Dimon Under Spotlight Regarding Bitcoin ETF Hypocrisy

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BlackRock has named JPMorgan Securities and Jane Street as “authorized participants” in its application for a potential spot Bitcoin ETF.

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The appointment of Jamie Dimon, the CEO of JPMorgan Bank, as an authorized participant (AP) by BlackRock—an action made public in BlackRock’s revised Form S-1 filing on December 29—has drawn criticism from the cryptocurrency community.

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Within the realm of exchange-traded funds (ETFs), an authorized participant is a company that has been given permission to issue and redeem ETF shares.

In its proposed spot Bitcoin ETF application, BlackRock officially named JPMorgan Securities and Jane Street as “authorized participants” in its filing.

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It’s interesting to note that this development occurs in spite of Dimon’s stated opposition to Bitcoin.

During a hearing held by the US Senate Banking Committee on December 6, Dimon had stated his position clearly.

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He claimed at the time that he would work to shut down cryptocurrency if he were in a position of political power.

According to Dimon, the main purpose of Bitcoin and other cryptocurrencies is to help with illegal activity. The crypto community criticized this statement harshly.

The apparent absurdity of JPMorgan’s participation as an approved member in BlackRock’s Bitcoin ETF was quickly highlighted by critics.

Crypto phile Silver Zimmermann joked, “Maybe they are also involved in money laundering, tax evasion, criminal activity, and drug trafficking.”

Others questioned JPMorgan’s conflicting statements, posing queries such as “How can JP Morgan do all that after telling Congress and Elizabeth Warren that this is what it’s used for?” to users such as Sunny Po.

Notably, pro-XRP attorney John Deaton expressed doubts about Senator Elizabeth Warren’s position on Bitcoin and voiced reservations about JPMorgan’s willingness to work with the cryptocurrency despite its unfavorable reputation as a tool for criminals.

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Deaton questioned if this was an attempt to gaslight someone or mislead the public.

Even though Dimon openly expressed his disapproval of the digital asset market, JPMorgan took unexpected steps in the cryptocurrency field.

In order to better serve its institutional clientele, the bank has unveiled JPM Coin, its own digital token that runs on a private Ethereum network.

Moreover, BlackRock was one of the clients of JPMorgan’s blockchain-based tokenization technology, which was introduced in October.

In April 2021, the bank also took part in a $65 million fundraising round for Consensys, an Ethereum infrastructure company.

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To summarize, given Jamie Dimon’s prior critical remarks on cryptocurrencies, JPMorgan’s participation as an authorized participant in BlackRock’s Bitcoin ETF has sparked debate within the cryptocurrency industry.

This development has sparked debate on the bank’s views on Bitcoin and the reasons behind its involvement in the cryptocurrency market.


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