That J.P. Morgan Chase boss Jamie Dimon isn’t the most popular guy in cryptocurrency right now is old news. His comments last week labeling bitcoin as fraudulent and suggesting that the cryptocurrency is doomed to long-term failure not only demonstrated that the wider banking industry is concerned about the meteoric rise of cryptocurrency and its pending shift into mainstream conscience, but also that those at the top of the institutions that control the current financial system are fundamentally unaware of the concept and technical elements that underpin the cryptocurrency space.
Anyway, while the bitcoin space wasn’t happy about his comments (they served to compound an already weakened sentiment on the back of Chinese revelations and, in turn, served to underpin a large scale price decline), there didn’t seem to be much anybody could do about it.
That’s what we thought, anyway.
Fast-forward a couple of weeks and the space’s inability to act on these defamatory and fundamentally untrue statements has been proven wrong. Blockswater is an algorithmic liquidity provider based in London and headed up by a guy called Florian Schweitzer.
As of today, we’ve learned Schweitzer, acting in line with Blockswater, has lodged a complaint with the Swedish financial authorities, or what’s officially called the Swedish Financial Supervisory Authority, against both Dimon and J.P. Morgan Chase.
As per the report, the complaint is rooted in the fact that Dimon’s statement negatively impacted “the cryptocurrency’s price and reputation and that, concurrently, he “knew, or ought to have known, that the information he disseminated was false and misleading”.
By way of its complaint, Blockswater said that Jamie Dimon has violated Article 12 of the European Union’s Market Abuse Regulation (MAR).
How this situation will play out remains to be seen. The chances of someone like Dimon get into any real trouble for comments like this are very slim as he can likely just argue that it was a personal opinion and not intended for wide-scale dissemination.
With that said, however, at least this complaint is sending a message to others in similar positions that might be inclined to pitch in on the current state, or future of, bitcoin, without knowing the facts.
Image courtesy of Reuters