In a surprising turn of events, JPMorgan Chase, led by CEO Jamie Dimon, has found itself entangled in the crypto world, raising eyebrows and sparking heated discussions. Dimon, a formerly vocal critic of cryptocurrencies, especially Bitcoin, now faces scrutiny as his bank is named an Authorized Participant (AP) in BlackRock’s Bitcoin Spot ETF.
This revelation has triggered strong reactions from the crypto community, with notable figures like pro-XRP lawyer John E Deaton and others questioning the sincerity of Dimon’s previous anti-crypto remarks.
Pro-XRP Lawyer & Others Slam JPMorgan’s Shift From Critic To Participant
Renowned pro-XRP lawyer John E Deaton highlighted the irony of JPMorgan’s involvement with Bitcoin, given Dimon’s past condemnations, accusing the bank of catering to criminals. This development is particularly significant as BlackRock, a financial juggernaut, disclosed JPMorgan as one of the APs in its updated S-1 filing with the SEC for a Bitcoin Spot ETF.
Senior Bloomberg ETF Analyst Eric Balchunas added to the intrigue, noting the inclusion of JPMorgan as an Authorized Participant alongside other major players like Jane Street and Virtu in various ETF applications. As the crypto community grapples with this unexpected revelation, questions arise about the true motives behind Dimon’s vehement criticism of Bitcoin.
The irony is further emphasized by popular X handle Bitcoin Archive, which pointed out Jamie Dimon’s earlier call for a Bitcoin ban juxtaposed with JPMorgan’s active role as an AP in BlackRock’s ETF bid, signaling a notable shift in stance.
A Closer Look Into Community Remarks
Renowned figures like Dan Held and an X handle Zerohedge have not shied away from highlighting the apparent contradiction. Held emphasized Dimon’s previous statements calling for the shutdown of Bitcoin, contrasting them with JPMorgan’s newfound position as an AP for a major Bitcoin Spot ETF.
In a clarifying move, Fox journalist Eleanor Terrett explained the role of Authorized Participants (APs), shedding light on their function as intermediaries facilitating the exchange of cash for ETF shares. This insight serves to demystify the significance of JPMorgan’s inclusion as an AP in BlackRock’s ETF application.
However, the unexpected twist in JPMorgan’s crypto narrative has left the community questioning the authenticity of Dimon’s previous critiques. As the SEC reviews BlackRock’s ETF proposal, the spotlight remains on the evolving dynamics between traditional financial institutions and the ever-expanding crypto sphere.
