Critics say the bank recycled an old MSCI index-exclusion story to spark MSTR selling, calling it a coordinated “hit job” on Saylor’s firm.
JPMorgan is facing a growing online backlash after a wave of X posts accused the bank of engineering a targeted hit on Strategy (MSTR) and taking on a huge short position that could backfire if the stock rallies.
The claims, while unproven, have lit up Crypto Twitter, with some users calling for a boycott of the banking giant and drawing comparisons to the GameStop short squeeze.
The Allegations and Community Backlash
The controversy gained momentum after a recent report from the Wall Street titan warned that Strategy faced potential exclusion from major stock indexes like the MSCI. Analysts at the firm suggested this could trigger billions of dollars in automated selling.
However, the crypto community was quick to label this a coordinated “hit job,” with influencer Adrian pointing out that the report was based on an MSCI consultation document from October 10, claiming:
“They recycled an expired story to accelerate a sell-off. This isn’t news. It’s a coordinated hit.”
The situation intensified when broadcaster Max Keiser insinuated that the bank’s short position was so large that a 50% rise in MSTR’s price could potentially threaten it with bankruptcy.
This sparked a wave of dramatic reactions, including from pro-crypto lawyer and Massachusetts Senate candidate John E Deaton, who referenced the financial institution’s past legal issues, stating:
“If JPMorgan… is short Saylor and $MSTR – I hope a GameStop rage trade occurs and costs JPM billions.”
The call to action was clear, with author Adam Livingston declaring a “BOYCOTT JPMORGAN” and urging people to move their accounts. Businessman Grant Cardone said he had already done so, moving his entire account to a different bank.
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Nonetheless, not everyone bought the idea of a scripted assault. Some users argued the market reaction is “emergent behavior” following genuine concerns about index rules and risk.
A Clash of Financial Worlds
The JPMorgan vs. Strategy feud is representative of a deeper ideological conflict between traditional finance and the digital asset economy. The business intelligence firm, under executive chairman Michael Saylor, has pioneered using corporate treasury strategy to hold Bitcoin, now owning over 649,000 BTC.
In a statement on November 21, Saylor pushed back against the MSCI concerns, arguing that his company is an innovative operating business, not a passive fund. He later told CoinDesk that the bank’s report was “alarmist” and that any potential index exclusion was likely already reflected in the stock price.
The community’s anger is fueled by a perception that the legacy institution is attacking a flagship Bitcoin company while at the same time expanding its own crypto services.
As reported in October, the company now plans to accept Bitcoin and Ethereum as loan collateral. This apparent contradiction was noted by commentator Simon Dixon, who suggested that “JPMorgan and the broader financial-industrial complex are using their old vassalization tactics to control $MSTR.”
For many Bitcoin proponents, this is not just a market dispute but a battle for the future of the financial system itself.
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The banking giant first dabbled with the idea earlier this year.
After years of bashing and criticizing bitcoin and the rest of the cryptocurrency market, Jamie Dimon’s JPMorgan Chase & Co. appears a lot more positive toward the industry, and the latest push will reportedly allow institutional clients to use BTC and ETH as collateral for loans.
The Bloomberg report indicated that the crypto-related program will be offered globally and will rely on a third-party custodian to safeguard the assets.
Recall that such speculations first emerged earlier this summer when the Financial Times revealed the initiative could launch in 2026. However, those rumors were met with significant doubt, given Dimon’s previous stance against the industry.
The CEO has a rich history of criticising the largest cryptocurrency by market cap. Some of his most colorful categorizations include calling bitcoin a “decentralized Ponzi scheme” and alleging that only criminals use it.
However, his stance softened in the past few years, especially since Donald Trump’s presidential election victory in late 2024 and the subsequent regulatory change in the country. Although he remained a skeptic, Dimon said he would defend people’s right to buy bitcoin.
JPMorgan is far from the first giant US banking institution to join the cryptocurrency craze. Morgan Stanley and BNY Mellon have been active participants for a long time, while other former naysayers like Standard Chartered have gradually changed their public views as well in recent years.
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JPMorgan Chase will directly invest up to $10 billion in U.S. companies with crucial ties to national security.
The investment plan revealed Monday will focus on four areas: supply chain and advanced manufacturing in critical minerals, pharmaceutical precursors and robotics; defense and aerospace; energy independence, with investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity and quantum computing.
The investment is part of the bank’s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance and invest in industries critical to national security.
“It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing – all of which are essential for our national security,” Chairman and CEO Jamie Dimon said in a statement. “Our security is predicated on the strength and resiliency of America’s economy. America needs more speed and investment.”
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This summer, JPMorgan helped put together a deal under which the Defense Department agreed to invest $400 million in U.S. rare earth company MP Materials. The bank is also providing financing for MP Materials’ second magnet producing factory in the U.S.
The nation’s largest bank plans to finance approximately $1 trillion over the next decade in support of clients in these industries. JPMorgan Chase is looking to increase this amount by up to $500 billion, or a 50 percent increase, with additional resources and capital.
“America needs more speed and investment,” Dimon said. “It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need.”
JPMorgan says that it serves 34,000 mid-sized companies and more than 90 percent of the Fortune 500.
It plans to hire more bankers, investment professionals and other experts to help address its investment plan. It will also create an external advisory council that includes leaders from the public and private sectors to help guide the long-term strategy.
QNB has joined JPMorgan’s Kinexys Digital Payments platform, becoming the first bank in the country to use blockchain for real-time USD corporate payments.
Qatar National Bank (QNB), the country’s largest lender, has adopted JPMorgan’s Kinexys Digital Payments platform to process U.S. dollar corporate transactions.
This makes it the first bank in Qatar to extend its network into blockchain for real-time USD settlements, eliminating the multi-day delays common in traditional systems.
JPMorgan’s Expanding Network
A Bloomberg report shows that the Kinexys system allows corporate clients to execute transactions in minutes, even on weekends or outside business hours. Kamel Moris, QNB’s Executive Vice President for Global Transaction Banking, described this as “a treasurer’s dream,” noting that transaction timeframes can be reduced to just two minutes, a major advantage for companies operating with tight liquidity.
It also eliminates many of the inefficiencies in conventional payment networks by directly programming deposit accounts onto blockchain rails. These rails reportedly process $3 billion in daily payments across connected banks, making it easier for treasury teams to automate liquidity flows.
JPMorgan has been steadily scaling Kinexys across the Middle East. The platform builds on the bank’s earlier blockchain initiatives, including the Onyx division and projects tied to Quorum, its enterprise blockchain.
For the financial institution, QNB’s entry adds to a growing list of regional adopters. Companies such as Emirates NBD and Saudi National Bank have already joined the network, showing how Gulf lenders are prioritizing speed, transparency, and always-on settlement options.
What This Means for the Banking Industry
Studies show that local corporate payments depend on correspondent banks, with the structure causing delays due to time zone variance, business-hour restrictions, and other manual checks. Kinexys, on the other hand, allows payments to move directly on blockchain rails, which bypasses these traditional frictions.
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Large financial institutions worldwide are accelerating their use of distributed ledger technology, viewing it as a tool to simplify complex back-office processes. While banks have tested these systems for over a decade, few have been able to scale or achieve commercial viability.
Earlier this year, Reuters also announced a partnership between India’s Axis Bank and JPMorgan to extend Axis clients’ access to 24/7 dollar transfers. This collaboration allowed the firm to streamline its liquidity management and unlocked advanced treasury capabilities such as multi-bank cash concentration. The technology provides more than just speed, offering lower costs and greater transparency.
Naveen Mallela, global co-head of Kinexys, said in an interview that opening the network to such firms allows it to reach companies that are not direct clients of the bank. “This is institutional-grade scale,” he said.
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Are these the biggest clues yet about who exactly is in the Epstein files?!? Plus an actual name?! HOW IS THIS NOT THE BIGGEST STORY RIGHT NOW???
Donald Trump and his loyal DOJ and FBI leaders shocked some of the MAGA faithful with their about-face on Jeffrey Epstein. They went from teasing a big reveal to actually having teams of agents spend hundreds of hours reading the files… and suddenly deciding it all needed to be swept under the rug.
Well, a small handful of Republicans have stood up to Trump on the Epstein issue, and their leader, Representative Thomas Massie from Kentucky, finally got one of those rug-sweepers in the hot seat this week.
Kash Patel has been testifying to Congress the past couple days, being grilled on numerous scandals and mistakes, by Democrats and Republicans alike. But on Wednesday, Massie got to ask the biggest question we think America has right now: WTF?!?
Kash In Pocket
OK, Massie didn’t say that. But he did confront the seemingly confused FBI director about his inane claim to the Senate on Tuesday that Epstein didn’t traffic the girls to anyone. If you missed that claim, Patel maintained to Senator John Kennedy:
“There is no credible information, none… that he trafficked to other individuals.”
So Jeffrey Epstein trafficked underage girls to NO ONE? Despite the victims saying very clearly they were trafficked to powerful men? Well, Massie made his big play here. When Epstein’s victims got together and said they’d make their own list, Massie said he and Marjorie Taylor Greene might be able to reveal it even if the girls couldn’t themselves. And on Wednesday he gave us the first name! He defied Patel, saying:
“According to victims who cooperated with the FBI in that investigation, these documents in FBI possession — in your possession — detail at least 20 men, including Mr. Jes Staley, CEO of Barclays Bank, who Jeffrey Epstein trafficked victims to.”
Whoa, what?!?
HE ACTUALLY NAMED SOMEONE! HE DROPPED A NAME FROM THE EPSTEIN LIST! HOW IS THIS NOT THE BIGGEST STORY OF THE DAY?!
The First Name
Who the heck is James Edward “Jes” Staley? A few months after Epstein’s death, the CEO of Barclays was investigated for mischaracterizing his relationship with him. Ultimately he resigned from his position.
(c) Bloomberg/YouTube
He was later named in a lawsuit against JP Morgan. An Epstein victim accused the bank of enabling Epstein financially — and Staley specifically of knowing exactly what he was doing. According to The New York Times, Staley was Epstein’s “chief defender” at JP Morgan, helping him keep his huge accounts despite suspicions he was up to no good. The lawsuit, revealed in January 2023, alleged Staley personally witnessed Epstein’s abuse of an underage girl.
Why would he look the other way, so to speak? Well, it sounds like Massie says one of the victims told the government she’d been trafficked TO HIM!
Currently he’s only facing civil and financial consequences.
Major Effing Clues!
Massie was far from finished. He may have only given one actual name, but he made very clear there’s a list of men accused of wrongdoing, and it’s in the government’s hands. He spoke about the men who were named by Epstein’s victims — and gave some major clues on who they are! He said:
“That list also includes at least 19 other individuals: One Hollywood producer worth a few hundred million dollars. One royal prince. One high profile individual in the music industry. One very prominent banker. One high profile government official. One high profile former politician. One owner of a car company in Italy. One rock star. One magician. At least six billionaires, including a billionaire from Canada. We know these people exist in the FBI files, the files you control. I don’t know exactly who they are, but the FBI does. Have you launched investigations into any of these individuals?”
YOWZA! That is a lot of clues all at once!
Well, look, the Royal prince one is easy. Prince Andrew is one of the only men who have been accused publicly. Virginia Roberts Giuffre claimed she was trafficked to him by Epstein multiple times, including when she was just 17 years old. Here they are together in a photo with Epstein’s convicted accomplice Ghislaine Maxwell.
(c) BBC/WENN
As for the “high profile government official” and “high profile former politician”? Pretty horrific to know our taxes have supported people like this, isn’t it?
And then there’s “magician” — what a wild profession to throw out, right? But probably the most intriguing to us? A rich Hollywood producer?? A “rock star”? A “high profile individual in the music industry”?? Our minds are racing with ideas, though we’ve never, to our recollection, heard of any connection between Epstein and any specific people who fit these bills. Do YOU know who he’s talking about??
Anyway, let’s check back in on what Patel has to say for himself…
Kash Tries To Pass The Buck
When Patel tried to reiterate that he hadn’t seen credible evidence yet, Massie pressed, remind him VICTIM TESTIMONY is evidence! He straight up asked the FBI head:
“Is it your assertion that these victims aren’t credible? That the 302s maybe didn’t produce credible statements that rise to probable cause?”
Patel said it was the decision of US attorneys, noting some were in past administrations. Totally passing the buck. Massie didn’t let him get away with it. He
“Have you viewed the 302 documents where they victims name the people who victimized them?”
Patel admitted he has not “personally” viewed the documents in question. So Massie hit him with:
“So how can you sit here, and in front of the Senate, and say there are no names? I named one today.”
He sure as hell did.
Patel squirmed again, saying the FBI won’t release “victim names” or “in-credible evidence.” So let’s see if we’ve got this right… Despite the fact he was such a vocal crusader for the Epstein list before this job, Patel hasn’t made it a priority to personally look at any of this evidence, any of the victim testimony, in the nearly SEVEN MONTHS he’s been on the job. Instead, he’s totally satisfied being told there’s nothing to see, and he’s accepted that without looking for himself??
Yeah, it didn’t sound like Massie bought any of that. You can see his full interrogation (below):
Out Of The Frying Pan…
Look, so far we’ve only been speaking about Kash Patel getting grilled by Republicans. But when it came to Dems, it was pretty bad, too. Though it did lean a little worse for Trump, as you might imagine…
Eric Swalwell asked Patel did he ever “tell Donald Trump his name is in the files?” The FBI director said he’d never spoken to Trump about Epstein files. (Wow, but OK.) So Swalwell asked next:
“Did you ever tell the the Attorney General that Trump’s name is in the Epstein files?”
This should have been a simple NO, right? Instead Patel gave a non-answer, saying:
“The attorney general and I have had numerous discussions about the entirety of the Epstein files and the reviews conducted by our team.”
Yeah, definitely didn’t answer that one. So Swalwell pressed him on it, asking again if he’d ever told the AG that Trump’s name was in the Epstein files. Patel again tried to skate around the answer, saying:
“During many conversations that the Attorney General and I have had on the matter of Epstein, we have reviewed…”
Swalwell wasn’t having it. He said, “The question is simple,” asking again sarcastically slowly. Patel refused to answer and started attacking Swalwell and his home state of California instead. Eventually the Congressman had to give up and said simply:
“We’ll take your evasiveness as consciousness of guilt.”
SWALWELL: Did you ever tell Donald Trump his name is in the files?
PATEL: I have never spoken with Donald Trump about the Epstein files
SWALWELL: Did you ever tell the AG that Trump’s name is in the Epstein files
It went on like that with some others. At no time, speaking to either side of the aisle, did Patel look like he had any interest in getting to the truth about Epstein and his co-conspirators. Shame.
Do you want Congress to demand release of the full Epstein files? Learn how to peacefully contact your reps to demand action at https://www.usa.gov/elected-officials.
Last weekend, TikTok videos went viral that purported to show how to receive free money from Chase Bank ATMs across the country. The technique involved depositing a check for a large amount of money the user didn’t actually have and withdrawing a smaller but substantial amount before anything officially cleared. In reality, the “glitch” was better known as fraud. And now, JP Morgan Chase has confirmed the bank is reporting the people who committed the crimes to authorities.
“As with any fraud-related issue, we review internally and refer to law enforcement as appropriate,” a Chase spokesperson told the Wall Street Journal on Friday. “Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple.”
It’s not entirely clear how many people may have tried this scheme, but the Journal describes it as “thousands.” The viral meme got so popular that tens of millions of people have watched TikTok videos about the “glitch” at this point, according to the Journal.
One popular video on TikTok features a woman on the phone trying to explain to her mother that they’re letting people get between $40,000 and $50,000 for nothing with this infinite money “glitch.” The mother is rightly skeptical and says she doesn’t want her bank account closed, while her daughter insists her account won’t be closed since it’s just a glitch.
Some videos on TikTok even showed people throwing money they’d ostensibly gotten through this method into the air in celebration. But Chase told the Journal they’ve frozen some accounts who tried it, though, again, the exact numbers haven’t been disclosed. And the bank is giving “surveillance footage and other information related to individuals” to police.
While there were far too many people who believed that this was a “glitch” that wouldn’t get them into any trouble, the tide has certainly turned at this point, with most new videos about the ATM scam ridiculing people who thought it was just a loophole rather than check fraud.
“Only TikTok would transform grand larceny into a ‘life hack’ and rename check fraud as ‘a glitch,’” one user on X wrote after the videos had started to go viral.
The U.S. Postal Inspection Service also tweeted “unlimited money glitch” with a monocle inspection emoji earlier this week, expressing skepticism.
“Don’t believe the TikTok trend, check fraud is a serious crime. You will be prosecuted. If it sounds too good to be true…” the account continued.
“unlimited money glitch” 🧐
Don’t believe the TikTok trend, check fraud is a serious crime. You will be prosecuted. If it sounds too good to be true…
— US Postal Inspection Service – Headquarters (@USPISpressroom) September 3, 2024
JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC’s price dipping slightly above $60,000.
US Financial Banks Expose Spot Bitcoin ETF Holdings
American financial services companies, Wells Fargo and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent filing. This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies.
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Wells Fargo revealed in its new filing to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195.
On the other hand, JP Morgan, which holds about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).
Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, Bitcoin Depot. The investment company also unveiled its exposure to Spot BTC ETFs just hours after Wells Fargo’s announcement.
Despite the regulatory uncertainty and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also forecasted that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in Spot Bitcoin ETFs as market makers or Authorized Participants (APs).
BTC Price sUFFERS More Declines
Despite the increasing interest from traditional financial institutions seeking exposure to BTC, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its halving event on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around $57,000 previously.
The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap.
Blockchain analytics platform, Santiment, revealed that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom.
TD Bank is targeting microbusiness payments with the launch of its Tap-to-Pay solution that helps turn iPhones into point-of-sale machines. The solution will be rolled out across the U.S. and will target businesses with an annual revenue of less than $100,000 to provide an inexpensive point of service (POS), according to a release from the […]
The S&P 500 is up about 20% over just the last four months, surging well above the 5,000 mark. This rally has come even with 10-year Treasury yields back around 4.3% and investors paring back bets for Federal Reserve rate cuts this year from around 170 basis points to about 80 basis points today.
Big tech has played a big role. The so-called “Magnificent 7” contributed 60% of the S&P 500’s 26% return last year as AI enthusiasm exploded. Their surge has only continued this year. This has led some to lament that the stock market is its most concentrated since the 1970s. Some also fear that the AI hype is just all talk. Yet, strong earnings have shown big-tech companies to be worthy of their rallies. Consider this Q4 season: The Magnificent 7 have cleared a very high bar, beating earnings expectations by roughly 9% on average compared to 4.8% for the broader S&P 500. While AI may be one of the buzziest buzzwords around, the talk and the rally have been underlined by genuine profits.
Longer term, it’s also more than just tech that can benefit – companies across industries are making AI investments. As they continue to integrate AI into the fabric of day-to-day operations, we think real cost savings and sales generation are on the horizon.
But what’s not making new highs?
Not all markets are feeling the good vibes.
In some cases, this may be warranted. For instance, China’s stock market continues to hover around decade lows amid economic weakness, geopolitical tension, regulatory hurdles and questions around market-friendly policies. Foreign direct investment in China has fallen negative in recent quarters. Stimulus efforts are slowly taking effect, but more forceful measures are probably needed to become optimistic.
On the other hand, other pockets of the market stand to play catch-up. For instance, we see the potential for small- and mid-cap companies because the Russell 2000 remains more than 15% below its previous highs, as well as themes such as health care innovation and ongoing consumer resilience that could support recoveries in some areas going forward. Said another way, we think big tech can continue to climb and other segments of the market can also join. We think the key is to focus on high-quality earnings growth, and careful stock selection can help tap outperformance opportunities. The current environment looks like fertile ground for active equity managers.
Rick Barragan is the managing director,Los Angeles market manager for J.P. Morgan Private Bank.
r.barragan@jpmorgan.com | (310) 860-3658
Source: J.P. Morgan Private Bank, February 23rd, 2024. “Record-breaking rallies: What does it mean for you?” By Madison Faller, Global Investment Strategist, and Matthew Landon, Global Investment Strategist, J.P. Morgan Private Bank.
JPMorgan Chase CEO Jamie Dimon reiterated his longstanding skepticism about BTC despite his company’s role in the BlackRock Bitcoin ETF.
Despite the cryptocurrency’s status as the most valuable in terms of market capitalization, Dimon remained unswayed, questioning its intrinsic worth. Under Dimon’s leadership, JPMorgan Chase has been identified as an authorized participant for BlackRock’s newly approved spot Bitcoin ETF, the iShares Bitcoin Trust.
“The actual use cases are sex trafficking, tax avoidance, anti-money laundering, terrorism financing; it’s not just people buying and selling bitcoin. There’s no value if you’re buying and selling Bitcoin.”
– Jamie Dimon, CEO of JPMorgan Chase
This involvement is a notable contrast to Dimon’s personal views on cryptocurrency. His critical perspective on digital currencies is well-documented; he has previously expressed to lawmakers that, were he in a governmental position, he would seek to curtail the growth of cryptocurrencies. BlackRock’s recent amendment to its SEC filing for its spot bitcoin ETF proposal further cements this dichotomy.
The filing includes both Jane Street Capital and JPMorgan Securities LLC as authorized participants, emphasizing JPMorgan’s emerging role in the developing cryptocurrency ETF sector. The SEC’s approval of several ETF applications today highlights the growing integration of cryptocurrencies into traditional financial systems, a move JPMorgan appears poised to capitalize on despite Dimon’s personal reservations.
Dimon presents a complex scenario for JPMorgan’s approach to future Bitcoin and cryptocurrency developments. While the firm is strategically positioned to facilitate and benefit from the growth of Bitcoin ETFs, its CEO’s skepticism adds a sense of uncertainty about its long-term engagement in the crypto market.
BlackRock disclosed JPMorgan Securities and Jane Street as intended participants for its proposed Bitcoin ETF before the SEC decision.
The asset management giant is set to collaborate with the participants, pending approval from the Securities and Exchange Commission (SEC).
Authorized participants play a crucial role in ETF operations, as they can create and redeem shares. This involves exchanging ETF shares for a corresponding basket of securities mirroring the fund’s holdings or opting for a cash exchange. The disclosure of these authorized participants is considered a pivotal step before the SEC decides.
JPMorgan CEO Jamie Dimon has previously advocated for a government ban on cryptocurrencies, citing concerns about their legitimacy. But with JPMorgan being an intended participant in the Bitcoin ETF, Dimon’s words contradict his previous statements.
Jamie Dimon says Bitcoin should be banned.
Now his bank JP Morgan has been named as an ‘Authorised Participant’ on BlackRock’s ETF application – the biggest name in funds management.
According to analysts from Bloomberg Intelligence, such as James Seyffart and Eric Balchunas, the SEC is poised to approve spot Bitcoin ETF proposals that commit to cash-only creations and redemptions, provided they have agreements with authorized participants. The likelihood of SEC approval stands at 90%, with expectations of some firms launching a spot Bitcoin ETF in early January.
BlackRock just dropped its updated S-1 and it DOES name the APs: Jane Street and JPMorgan (which is kinda ironic). Looks we have our first horse that at the starting gate. pic.twitter.com/H3UmaesygJ
As the SEC faces a Jan. 10 deadline for a decision on proposals by ARK Invest and 21Shares, market watchers anticipate potential developments in the emerging Bitcoin ETF landscape. Despite refilings by firms like ARK, 21Shares, and VanEck, authorized participants have yet to be named, signaling that firms may disclose this information when filing their effective prospectus, marking the final step before going live.
Grayscale Investments, in a June 2022 report, had previously indicated intentions to work with Jane Street and Virtu Financial if its Grayscale Bitcoin Trust (GBTC) converted to an ETF, but recent filings have not confirmed these participants.
Valkyrie names Cantor Fitzgerald, Jane Street as APs
In a recent update, Valkyrie filed another amended S-1 for their Bitcoin ETF, revealing Jane Street and Cantor Fitzgerald as their authorized participants. This move is significant, as it signals a potential floodgates opening in the Bitcoin ETF industry.
As AI becomes pervasive, financial institutions are on the hunt to win AI talent, with the big four U.S. banks commanding a comfortable lead. JPMorgan, Bank of America, Citi and Wells Fargo “represent a third [34 percent[ of all AI talent across the [top] 50 [global] banks” developing AI tech, Alexandra Mousavizadeh, chief executive at […]
Citi Treasury and Trade Solutions invested in payments fintech Icon Solutions last week to modernize its core payments capabilities and expand its payments offerings. Citi TTS, the global banking arm of the $1.6 trillion Citibank, plans to use Icon Solutions’ technology to modernize its core payments capabilities globally, including Automated Clearing House payments, wires and […]
In a fiery declaration that reverberated through the financial landscape, JPMorgan Chase’s formidable CEO, Jamie Dimon, once again launched a verbal assault on crypto.
Dimon, well-known for speaking his mind, straightforwardly called for a complete ban on digital currencies, linking them to criminal activities without holding back.
The CEO didn’t mince words at a Senate hearing alongside seven other big bank bosses:
“If I was the government, I’d close it down.”
In response to a question from Senator Elizabeth Warren, he stated that he was adamantly against all forms of crypto, including bitcoin.
Even though Dimon’s bank is deeply engaged in blockchain—the technology that powers the $1.6 trillion cryptocurrency industry—his comments are the most recent assault against the industry.
Dimon Bashes Crypto
In earlier remarks, Dimon referred to bitcoin as “a hyped-up scam,” a term he subsequently withdrew. In addition, he had compared it to a “pet rock.”
In spite of his subsequent admissions of remorse, he continued to use the term “decentralized Ponzi scheme” to describe bitcoin and other digital currencies following his previous tirades.
Dimon and other banking leaders, including Brian Moynihan of Bank of America Corp., have asserted that their institutions have measures to stop terrorists and other criminals from utilizing them.
In contrast, Warren advocated for the extension of anti-money-laundering regulations that banks presently enforce to digital assets, specifically the cryptocurrency market. Every single CEO expressed agreement.
As of today, the market cap of cryptocurrencies stood at $1.55 trillion. Chart: TradingView.com
According to sources, JPMorgan completed its first blockchain-based collateral resolution as recently as October in a deal with BlackRock and Barclays.
With its JPM Coin, a proprietary stablecoin that enables users to execute blockchain-based payments, JPMorgan was a pioneer in this space.
JPMorgan said in the next two years, the token may handle up to $10 billion in daily transactions, up from its current level of about $1 billion.
The price of bitcoin, the biggest cryptocurrency in the world in terms of market valuation, has increased by more than 150% this year to about $44,000-plus, according to market tracker CoinMarketCap, despite calls for a government clampdown.
Cryptocurrency Critique Unites Senator With Bankers
Warren took advantage of the session to criticize the cryptocurrency sector by collaborating with Republicans and prominent bankers.
Naturally, Dimon does not have the power of a government and cannot independently initiate the ban of cryptocurrencies.
Being the leader of a private financial company, he may only make suggestions and voice opinions; he cannot implement significant policy changes.
Nevertheless, it demonstrated an unusual convergence of interests between the crypto industry and the senator from Massachusetts, a long-time enemy of banks, who claimed that cryptocurrency was supporting illegal transactions.
The price of bitcoin, the biggest and most popular cryptocurrency in the world, has increased by more than 150% this year and crossed the $44,000 barrier on Wednesday, according to the most recent market data, despite calls for a government shut down.
Featured image from Ting Shen/Bloomberg via Getty Images
Payments behemoth Mastercard has joined forces with JPMorgan Chase to provide customers with a pay-by-bank option.
Pay-by-bank can be used by billers for recurring payments like rent, utilities, health care and tuition, among others, according to an Oct. 20 Mastercard release.
Photographer: Lionel Ng/Bloomberg
The capability taps into Mastercard’s open banking technology to allow consumers and businesses to safely share their data to easily access a variety of financial services, a Mastercard spokesperson told Bank Automation News.
Telecom service provider Verizon will be the first to use this payment channel for its customers, according to the release, and Mastercard expects more billers to join the payment channel in the coming months.
The card giant is not the only FI getting into pay-by-bank; Bank of America is also exploring expanding its pay-by-bank offering in the United States, although it is already available in the United Kingdom.
JPMorgan Payments selects Trulioo for identity verification
JPMorgan Payments has selected identify verification platform Trulioo to help crack down on fraud and other financial crimes.
Vancouver, Canada-based Trulioo will provide JPMorgan with its Person Match and Identity Document Verification solutions to verify a person’s identity and provide business verification, according to a recent JPMorgan release.
“We chose the platform because of its breadth of personally identifiable data sources, impressive match rates and global footprint,” Ryan Schmiedl, managing director and global head of payments trust and safety at JPMorgan, said in the release. “Trulioo has the trusted authentication and verification experience we want to offer clients and additional layers of protection from fraud during the onboarding experience and beyond.”
Trulioo uses data points from 190 countries, including personally identifiable information, government documents, biometrics and business names in order to verify users for its bank customers, Trulioo Chief Product Officer Michael Ramsbacker told BAN.
Machine learning is utilized by the identity verification company’s platform for document auto-capture and AI-driven face detection.
Trulioo raised $394 million in series D round in June 2021 for a $1.75 billion valuation. AmEx Ventures, Citi Ventures and Blumberg Capital participated in the funding round.
Mastercard joins forces with Remitly
Mastercard selected the cross-border payments company Remitly to provide customers with more options to make remittance payments.
Customers can use Mastercard Send, a payment solution by Mastercard, to add their debit card as a payment option on the Remitly app, and receivers of the payment can access their money through multiple channels including mobile wallets, direct deposit or cash pickups, an Oct. 19 Mastercard release stated.
Last October, Remitly teamed with Visa to provide real-time payment options for Canadian customers to send payments to 100 countries using Visa Direct.
Envestnet Data & Analytics will provide secure account linking, open banking and multichannel payment rails to provide more financial wealth management tools to customers, according to an Oct. 24 Envestnet release. The wealthtech company will also provide the fintechs with financial datasets to help them provide better financial advice to their customers.
“Data has the power to harmonize and connect all parts of a person’s financial life so that their daily monetary decisions support their long-term goals,” Farouk Ferchichi, group president at Envestnet Data & Analytics, said in the release.
Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.
Citizens Bank plans to join syndicated loan platform Versana in the first half of 2024 to expand its credit reach. Syndicated loans can range from hundreds of millions of dollars to billions of dollars, and partnering with other banks can help finance deals, Jo Wyper, head of commercial banking digital and operations at Citizens Bank, […]
Barclays UK has announced the appointment of Lee Counselman as a managing director for technology investment banking. Counselman will focus on strategic M&A and equity work within the software banking team and report to Kristin Roth DeClark, head of technology investment banking, according to an Aug. 14 news release. London-based Barclays has been investing heavily […]
Barclays UK has announced the appointment of Lee Counselman as a managing director for technology investment banking. Counselman will focus on strategic M&A and equity work within the software banking team and report to Kristin Roth DeClark, head of technology investment banking, according to an Aug. 14 news release. London-based Barclays has been investing heavily […]
Financial institutions are looking to upgrade their tech stacks to attract customers and drive deposit growth. The approach of strengthening deposits and adding to the client pool follows the spring collapses of Silicon Valley Bank, First Republic Bank, and Signature Bank. “Banks that had good and aggressive digital account opening experiences were able to gobble […]
