JPMorgan Chase has filed for approval with the Securities and Exchange Commission (SEC) to offer leveraged Bitcoin-backed notes, sparking criticism from cryptocurrency advocates who believe the move undermines decentralized approaches. These notes give investors amplified exposure to Bitcoin price movements without directly owning the asset. Bitcoiners are particularly concerned about how these products can benefit traditional finance while potentially hindering access to true ownership of Bitcoin through strategies like Strategy Funds and Digital Asset Trusts (DATs). Critics argue that leverage-based instruments favor issuers, increase complexity, and lack transparency compared to more transparent methods like ETFs or direct holding.