JPMorgan Hires New Head of Cryptocurrency Regulation

As part of JPMorgan's policy and regulatory efforts, Aaron Iovine, the former head of the bankrupt Celsius Network, has been hired to lead the cryptocurrency regulatory department.

JPMorgan CEO Jamie Dimon was a long-time critic of cryptocurrencies. He called himself a "crypto-token skeptic." Still, he was laudatory of blockchain technology, emphasizing certain "real-world" features of the technology and pointing to JPMorgan's Onyx system for wholesale payments for an example.

Until his move to Celsius, Iovine headed policy and regulatory affairs at Cross River Bank, a bank focused on digital assets. He was previously serving as a senior regulatory analyst at the law firm White & Case. Iowine was part of a Cross River team earlier this year that has been lobbying Congress for financial services, financial technology partnerships and payroll controls.

Iovine resigned from Celsius shortly two months after the platform declared bankruptcy. The company also faced allegations of fraud by a former employee.

JPMorgan's latest move shows the way huge banks aren't going to pass up opportunities related to cryptocurrency. During 2019, JPMorgan has launched its very own U.S. dollar-linked coin, called JPM Coin. What the bank also allows its asset management clients to do is buy Ethereum, Ethereum Classic, Bitcoin cash and Bitcoin itself.

Earlier this month, JPMorgan posted a vacancy for a digital asset adviser at a corporate and investment bank.