JPMorgan Taps Former Celsius Exec As Crypto Regulatory Policy Director
October 19 2022 - 2:51PM
NEWSBTC
Nothing supersedes personal experience. At least that seems to be
the case with a new JPMorgan Chase hire this week, as the financial
firm has brought in former Celsius executive Adam Iovine to serve
as a director of digital assets regulatory policy, according to a
variety of reports on Wednesday, which cite Iovine’s LinkedIn page.
The reports come after headlines around JPMorgan’s CEO Jamie Dimon
slamming crypto as ponzi schemes. Nonetheless, the institution has
flip-flopped it’s public perspective around crypto while still
building digital asset infrastructure. Let’s look at this latest,
seemingly bizarre hire, and what we know thus far. JPMorgan Chase:
An Unexpected Hire Iovine was previously the head of policy and
regulatory affairs at cefi platform Celsius, which came to a
crumbling downfall earlier this year. His stint at Celsius was
brief, serving at the company for roughly 8 months before departing
the role in September. Now, less than 60 days later, Iovine joins
JPMorgan Chase as an executive director in the firms digital assets
regulatory policy division. A bit of an unorthodox hire, but
Iovines resume certainly brings some… unique experience from his
time at Celsius. The cefi platform, led by CEO Alex Mashinsky, was
widely considered one of the biggest of it’s kind, offering
substantial yields on tokens that led to hefty criticism over the
platform’s viability. From the critic’s vocals to reality’s being,
Celsius started unwinding mid-year falling the crash of the Terra
Luna ecosystem. It's been a rocky road for cefi platform
Celsius, but one company executive has moved on to bigger and
brighter ambitions, joining JPMorgans digital assets regulatory
policy division. | Source: CEL-USD on TradingView.com Related
Reading: Are There Any Chances Of Terra UST Victims Getting
Refunded? Let’s Find Out A Flurry Of Inconsistency Iovine’s hiring
aside, JPMorgans perspective on crypto can never seem to remain
consistent; the firm certainly wants to take advantage of the burst
of interest in digital assets, but doesn’t seem to be much of a
proponent of them otherwise. Dimon in recent weeks described crypto
as “decentralized ponzis,” while still playing both sides and
touting the institution’s latest blockchain-based product, JPMorgan
Onyx. Regardless of JPMorgan’s shifts in publicly-voiced sentiment,
the role that Iovine is filling here is reportedly a newly created
one, which serves as just another example that despite a crypto
bear market, traditional finance players are still showing
continued investment. Related Reading: FTX Sends 50,000 Ethereum To
Voyagar, FTX Token Witnesses Pump And Dump Featured image from
Pexels, Charts from TradingView.com The writer of this content is
not associated or affiliated with any of the parties mentioned in
this article. This is not financial advice. This op-ed represents
the views of the author, and may not necessarily reflect the views
of Bitcoinist. Bitcoinist is an advocate of creative and financial
freedom alike.
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