JPMorgan CEO faces backlash for position in the Bitcoin ETF in light of anti-crypto remarks

John Deaton, an attorney for ProXRP, raised the issue of whether or not BlackRock’s designation as an authorized participant constituted gaslighting or an effort to deceive the public.

Following BlackRock’s decision to withdraw its revised Form S-1, JPMorgan Chase CEO Jamie Dimon has been declared an authorized participant (AP), drawing criticism from the cryptocurrency community on X (previously Twitter).

Eric Balchunas, an analyst at Bloomberg ETFs, commented on the BlackRock amendment by stating, “BlackRock has just released its updated S-1, and it DOES identify the APs: Jane Street and JPMorgan (which is somewhat ironic).” maybe referring to the fact that the investment bank was selected as AP.

Organizations that are permitted to establish and redeem shares in exchange-traded funds (ETFs) are known as approved participants.

Jane Street and JPMorgan Securities were included as “authorized participants” in BlackRock’s revised application for its proposed spot Bitcoin ETF. Jamie Dimon, CEO of JPMorgan Chase, hasn’t openly supported Bitcoin (BTC) on a continuous basis.

Jamie Dimon, chair and CEO of JPMorgan Chase, told a group of US lawmakers during a Senate Banking Committee hearing on Wall Street firm oversight on December 6 that he would seek to ban cryptocurrency if he were in charge of the government. Dimon said that Bitcoin and other cryptocurrencies’ “only true use case” is to enable criminal activity.

Crypto commentators have quickly drawn attention to the irony of JPMorgan’s status as an approved participant in BlackRock’s Bitcoin ETF. “Maybe they’re involved in drug trafficking, tax evasion, criminal activity, and money laundering,” crypto enthusiast @silzimzil stated on X.

“If that’s what BlackRock wants to do, then great. But how is JP Morgan going to pull that off after they’ve already told Congress and Elizabeth Warren that this is its purpose?” In X, another cryptocurrency user, @sunny051488, remarked.

Senator Elizabeth Warren has taken a skeptical view on Bitcoin, according to XRP lawyer John Deaton. Deaton also said that Jamie Dimon’s JPMorgan is associated with Bitcoin, despite the fact that it has “negative associations with criminals.” Whether this was an effort to gaslight someone or mislead the public was something Deaton questioned.

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