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US investment banking giant J.P. Morgan yesterday named a past Celsius administrator as its director of the cryptocurrency regulation department.
A spokesperson for the investing banking company stated that Aaron Lovine started working this week as the new chief executive of the company’s digital asset management policy. Previously, he worked as a chief manager of the regulation department as Celcius.
J.P.Morgan enlargement into crypto sector
Additionally, J.P. Morgan is enlarging its political standing in the booming electronic asset industry in spite of growing regulative measures imposing and the declining value of crypto tokens. Lovine joins the management team of her J.P. Morgan, where a year ago another partner was hired, a former senior regulation department advisor Sharon Young, Davis Polk & Wardwell employee in the past. Currently, he is a Chief Operating Officer and Global Legal Officer.
Risky Lender Trust in the Cryptocurrency Sector
Celsius hired Lovine from regional lender Cross River Bank, a digital asset valuation firm, earlier this year. Earlier, Benjamin Melnicki recently joined as Head of Crypto Regulation and Compliance. Lovine, like Melnicki, is an attorney and served as Director of Policy and Regulation at Cross River for nearly three years. He teamed up with the Cross River in 2019 after about a year as a chief regulative expert at the law firm.
According to public documents, Lovine was part of Cross River Group, which reached out to Congress in the first quarter of this year on “a wide range of issues focused on financial services, fintech partnerships, and programs.”
In the online bio, Lovine describes her expertise as investigating the future of commercial platforms and functioning at the crossway of finance and law. He left Celsius 8 weeks after the crypto lending service announced failure in New York. This costed the company millions of dollars.
Allegations of ex-employee fraud alleged by debtors are also being filed by London-based trial. Celsius’ bankruptcy left Lovine among thousands of unguaranteed lenders to the organization. Several prominent law advisors were hired to deal with the bankruptcy and help the company get out of the situation with the least expense.
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