JPMorgan CEO criticized for Bitcoin ETF role amid anti-crypto comments in the context of web 3.0.
JPMorgan CEO criticized for Bitcoin ETF role amid anti-crypto comments

What is Web 3.0 and How Does It Impact Business?

The CEO of JPMorgan, Jamie Dimon, has been met with criticism from the crypto community on X (formerly Twitter) after being named an authorized participant (AP) by BlackRock. This followed the release of BlackRock’s updated Form S-1 filing on Dec. 29.

Eric Balchunas, an analyst for Bloomberg ETF, commented on the amendment, saying, “BlackRock just dropped its updated S-1, and it DOES name the APs: Jane Street and JPMorgan (which is kinda ironic).” An authorized participant is an organization with the right to create and redeem shares of an exchange-traded fund (ETF).

BlackRock’s filing named Jane Street and JPMorgan Securities as the “authorized participants” for its proposed spot Bitcoin ETF application. Despite this, Dimon has not publicly endorsed Bitcoin (BTC).

Web 3.0 is a concept that is gaining popularity as businesses look to the future. It promises to revolutionize the way websites are built and how users interact with them. As such, understanding Web 3.0 and how it will affect businesses is essential. Web 3.0 is different from Web 2.0 in that it is based on the use of decentralized technology, such as blockchain, which allows for more secure, transparent, and efficient data sharing.

To prepare for the potential of Web 3.0, businesses should consider learning more about the technology and how it works. Investing in Web 3.0-related technologies and developing strategies to utilize the technology could be beneficial. Understanding the differences between Web 2.0 and Web 3.0 is also important for businesses that want to stay ahead of the curve.

How Will Web 3.0 Impact Business?

At a Dec. 6 hearing of the United States Senate Banking Committee on oversight of Wall Street firms, Dimon told several U.S. lawmakers that if he had the authority in government, he would try to shut down crypto, claiming Bitcoin and cryptocurrency’s “only true use case” is to facilitate crime.

Crypto enthusiasts have highlighted the apparent hypocrisy of JPMorgan as an authorized participant in BlackRock’s spot Bitcoin ETF. “Perhaps money laundering, tax evasion, criminal participation, and drug trafficking is their business as well,” said Silver Zimmermann on X.

Sunny Po also asked on X, “If BlackRock wants to do all that, then fine, but how can JP Morgan do all that after telling Congress and Elizabeth Warren that this is what it’s used for?”

John Deaton, a pro-XRP (XRP) lawyer, questioned Senator Elizabeth Warren’s stance on Bitcoin and pointed out that Dimon’s JPMorgan is willing to be involved with Bitcoin despite “negative associations with criminals.” Deaton asked whether this was an attempt to mislead the public or engage in gaslighting.

As businesses consider how to prepare for Web 3.0, it is important to understand the differences between Web 2.0 and Web 3.0, and how the latter could impact the industry. While Web 2.0 focused on user-generated content, Web 3.0 is all about creating a more interactive, personalized, and secure experience for users. It is also an investment opportunity, as businesses can learn how to invest in Web 3.0 and build Web 3.0 websites.

Despite being “deeply opposed” to the digital asset sector, JPMorgan recently launched its crypto token — JPM Coin — on a private version of the Ethereum blockchain for its institutional client base. To understand how web 3.0 works, the bank also rolled out a blockchain-based tokenization platform in October, with BlackRock as one of its clients. It also contributed to a $65 million funding round for Ethereum infrastructure firm Consensys in April 2021, which can help businesses prepare for web 3.0 and learn about its potential impact on their operations.

Moreover, web 3.0 is different from web 2.0 in terms of its decentralized nature, and it is worth considering how to build a web 3.0 website, as well as how to invest in this technology, as it can open up many new opportunities.

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