JPMorgan Chase shares fell more than 4%, below $340, on Thursday after reports that Senate Democrats were preparing an investigation into the bank’s relationship with Jeffrey Epstein. Staff on the Senate Finance Committee are expected to examine how senior executives handled Epstein, including Mary Erdoes, CEO of the bank’s Asset & Wealth Management Division. JPMorgan denies any wrongdoing and previously agreed to pay $365 million to settle Epstein-related litigation. The irony lies in Jamie Dimon’s harsh criticism of cryptocurrencies while JPMorgan now accepts bitcoin and ether as collateral and participates in BlackRock’s spot bitcoin ETF infrastructure, whereas the decentralized protocol has no CEO or board of directors to face congressional scrutiny.
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