JPMorgan Chase (JPM), the largest U.S. bank, has appointed Aaron Iovine to the newly created role of head of cryptocurrency regulatory policy.
The U.S. bank has created the new crypto position as it expands its digital asset regulatory scope during a period of extreme volatility among digital coins and tokens.
In recent months, several crypto exchanges and lenders have become insolvent and filed for bankruptcy.
Iovine himself used to work for one of those now bankrupt cryptocurrency firms, having spent eight months as head of policy and regulatory affairs for now defunct crypto lender Celsius.
Celsius filed for bankruptcy protection from its creditors this past July. Iovine worked for Celsius from February to September of this year.
JPMorgan chief executive Jamie Dimon is well known for his disdain of cryptocurrencies, most recently referring to digital coins and tokens as “decentralized Ponzi schemes.”
However, despite his distrust of cryptocurrencies, Dimon has said that his bank has a responsibility to give customers what they want in terms of investments and financial instruments.
JPMorgan Chase’s stock is down 27% this year at $118.84 U.S. per share
