My unspoken point that I feel I should now elucidate was that the optics now have a look of JP Morgan positioning itself to fill in a vacuum they are pushing to create. If they're speaking out publicly like this against it, one could speculate they may be pressuring governments to make more desirable moves for them. They could also be trying to foment FUD in the space to try and empty it while introducing themselves as a secure, traditional, more reliable developer of the technology.
They also have little interest in the Ethereum public chain immediately, and I imagine would only adopt it or connect with it if they are forced to. They are marketing their own private chain which they're open-sourcing to entice developer mindshare. The more people buying into their system (out of fear of the unknown currently dominating the space's mode), the more value there is for the top holders -- who of course would be JP Morgan and its top-ranking employees.
A more basic interpretation would be, he calls Bitcoin a fraud only because it's not him and the bank making the money in that space.
https://www.jpmorgan.com/global/Quorum
>>> Wall Street Journal: JPMorgan Chase, led by CEO Jamie Dimon, is building a new system based on the Ethereum platform