JPMorgan CEO Criticized for Bitcoin ETF Role Amid Anti-Crypto Comments

JPMorgan CEO Jamie Dimon has come under fire from the cryptocurrency community. This criticism follows the revelation that JPMorgan has been named an authorized participant (AP) by investment giant BlackRock in their updated Form S-1 filing for a proposed spot Bitcoin ETF.

The Irony Highlighted

Bloomberg ETF analyst Eric Balchunas pointed out the irony in JPMorgan’s involvement, given Dimon’s well-known skepticism about cryptocurrencies. An authorized participant plays a crucial role in the creation and redemption of ETF shares, making JPMorgan’s involvement particularly notable.

JPMorgan’s Stance on Bitcoin

Despite being named an AP in BlackRock’s Bitcoin ETF, Jamie Dimon has not publicly endorsed Bitcoin. His stance was made clear during a Dec. 6 hearing of the United States Senate Banking Committee. Dimon expressed a willingness to shut down cryptocurrencies if given the authority, citing their use in criminal activities as the primary concern.

The Community’s Reaction

The crypto community has been quick to label this move as hypocritical. Silver Zimmermann, a crypto enthusiast, sarcastically commented on the situation, implying that JPMorgan might be indirectly supporting the very activities Dimon criticized. Another user, Sunny Po, questioned how JPMorgan could reconcile its role with Dimon’s previous statements to Congress and Senator Elizabeth Warren.

Skepticism from the XRP Lawyer

John Deaton, a lawyer known for his support of XRP, also expressed skepticism. He questioned whether JPMorgan’s involvement in the Bitcoin ETF was a form of public deception or gaslighting, especially considering Senator Elizabeth Warren’s critical stance on Bitcoin.

JPMorgan’s Crypto Ventures

Despite Dimon’s opposition to digital assets, JPMorgan has not shied away from the crypto space. The bank launched its own cryptocurrency, JPM Coin, and introduced a blockchain-based tokenization platform. Interestingly, BlackRock is one of the clients of this platform. Additionally, JPMorgan contributed to a significant funding round for Ethereum infrastructure firm Consensys in April 2021.

The involvement of JPMorgan in BlackRock’s Bitcoin ETF project has raised eyebrows and sparked discussions in the crypto community. It highlights the complex and often contradictory relationship between traditional financial institutions and crypto.