In short
- JP Morgan CEO Jamie Dimon clashed with Coinbase CEO Brian Armstrong on Friday.
- The banking executive said he and others in the banking industry are strongly opposed to the Clarity Act regarding stablecoin yields.
- Dimon said Armstrong is “the only one” fighting and spending “millions” to do so.
JP Morgan CEO Jamie Dimon was tight-lipped about his actions on the Clarity Act, as was Coinbase CEO Brian Armstrong in an interview with Fox Business on Friday.
The head of the bank said that he is not happy with the current version of the Clarity Act, a bill that would control many crypto services in America, and he says that banks “will not accept it that way.” Dimon also vowed that the banks would fight it, and if “we lose, we lose.”
“It’s going to get beat,” Dimon said. “No one is going to bow down to this guy, or the company,” he added, without directly naming Armstrong or Coinbase.
After Fox Business anchor Maria Baritromo asked specifically about CoinbaseDimon had more to say: “He’s the only one … spending hundreds of millions of dollars in Washington on this thing. He’s full of shit.”
Dimon’s analysis of the Clarity Act in particular it comes from the story of stablecoin price-The most pressing issue is the banking group that has blocked the progress of the bill in recent months. At the moment, cryptocurrency platforms are able to provide yields, especially in the form of interest payments, on stablecoin holdings as allowed by the GENIUS Act-signed into law by President Donald Trump in July of last year.
The GENIUS Law specifically prohibits stablecoin providers, such as Tether or Circle, from providing the product to customers, but allows third parties, such as Coinbase or other exchanges, to do so instead.
Banks fought to include language in the Clarity Act to close that hurdle Major crypto companies such as Coinbase have tried to ensure that platforms continue to offer yields tied to stablecoins.
The debate has helped produce a passage of the Clarity Act lasting four months, and Coinbase is once again withdrawing its support for the bill before it is included with the stablecoin reward for the compromise language.
Two months ago, Dimon dismissed demands for stablecoin yields, saying “people will pay.” Again on Friday, he added that “it will explode on its own.”
“If you want to be a bank, be a bank,” he said in March. “Then you can do whatever you want within the banking rules.”
The controversial bill has seen a lot in the past few months, but passed the Senate Banking Committee vote earlier this month. It will now go to the Senate for final approval.
Despite the back-and-forth, President Trump has insisted that the bill go through, shipping earlier this week that they want to “establish a market for digital products.”
as it is, predictions on Polymarket give the bill a 59% chance. about to be signed into law by the end of 2026.
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