from ZeroHedge:
Remember when Jamie Dimon was yelling and screaming that Bitcoin is a “fraud that will eventually blow up“, that he’d “close it down if he was the government“, and that crypto’s only “true use case is for criminals, drug traffickers, money laundering and tax avoidance“?
Well, it turns out the bank that has paid out $40 billion in fines, penalties and legal settlements as a recidivist criminal enterprise, has decided to double down on crime by its own definition…
TRUTH LIVES on at https://sgtreport.tv/
DIMON: BITCOIN IS `A GREAT PRODUCT’ IF YOU ARE A CRIMINAL
Jan 2014: “JPMorgan Criminally Charged” https://t.co/3cBmQmqS19
— zerohedge (@zerohedge) October 13, 2017
… and today we learned that not one but two giant asset managers – Invesco as well as the world’s biggest asset manager and the Fed’s own trading desk, Blackrock – both named JPMorgan as their Authorized Participant, i.e., the intermediary firm that will make the ETF possible in the first place by converting bitcoin into cash and vice versa.
In addition to JPMorgan, BlackRock also named Jane Street Capital – best known as the fund where Sam Bankman-Fried learned all he needed to know about HFTing the bitcoin market on his way to becoming the greatest crypto criminal in history – as the broker-dealers who will be responsible for steering cash into and out of its spot-Bitcoin ETF when, not if, it is approved by the SEC some time in January.
JPMorgan will be an authorized participants for both Blackrock’s iShares Bitcoin Trust and the Invesco Galaxy Bitcoin ETF according to amended prospectuses filed with the SEC late on Friday. As such, they’ll be responsible for handling the creation and redemption of baskets of shares in the ETF and transfers of cash to and from the fund’s administrator.
Or, as we put it….
