Celsius Former Executive Hired by JPMorgan as Crypto Regulatory Policy Head

• Lovine, an Ex. executive of Celsius Network, joined forces with JPMorgan.  

ccording to a Bloomberg report on 19 October 2022, JPMorgan (JPM) has appointed Aaron Iovine as its head of crypto regulatory policy, a new role. 

The leader of the U.S investment banking sector wants to extend its digital asset regulatory framework given the volatility in the market in ongoing months with a downtrend in cryptocurrencies values and several firms becoming insolvent.

A crypto lending protocol, Celsius Network, filed its bankruptcy under chapter 11 of the bankruptcy laws in New York bankruptcy court.

Lovine was earlier employed with Celsius Network as Head of Policy and regulatory affairs. As per the detail mentioned on her LinkedIn page of Lovine, she served Celsius Network from February to September.      

Chief executive Officer of JPMorgan, Jamie Dimon, is among the disdainer of cryptocurrency, and recently he anointed cryptocurrencies as the “decentralised ponzis.”  Regardless, he appreciated blockchain technology, mentioning some of its “real” aspects, and used JPMorgan’s Onyx platform for bulk payments as an example. 

The high-ranked officer revealed that he would never purchase cryptocurrencies after continuously slamming them in the past. Dimon is influenced by the fact that crypto, in reality, doesn’t do anything. “I do not know why there is importance to that,” he said.

Dimon questioned why he permits JPMorgan’s customers to utilise Bitcoin. The executive related investing in the bar crypto to trading cigarettes: I think you must not smoke cigarettes, but our clients are adults.

An official spokesperson of JPMorgan confirmed the hiring of Lovine but has denied revealing the primary information.   

Recently Celsius Network was liable to pay 3M fees to the law firms who completed their legal proceedings of the Bankruptcy filing.  

According to the filing released last Friday, 14 October 2022, it was noted that the total amount is spent on the legal procedure of Celsius Network bankruptcy filing.  

Earlier, at the end of September 2022, Alex Mashinsky, who started the cryptocurrency lending firm Celsius Network in 2017, resigned from his post as CEO of the firm. He said that his work became an ‘increasing distraction.’ 

Mashinsky submitted his letter of resignation on 27 September 2022, effective immediately, to the Special Committee Of the Board of Directors of Celsius Network Ltd, apart from his directorships and other positions at each of its direct and indirect subsidiaries, except for his director position at Celsius Network Ltd.

Jamie Dimon stated in an interview with CNBC that the United States and the world will likely enter a recession within six to nine months. He said that the S&P 500 could fall “another easy 20% from where it is now. The next 20% would be much more painful than the first,” he continued.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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