Coinbase CEO Brian Armstrong responded to JPMorgan CEO Jamie Dimon on the CLARITY Act with a hockey meme that quickly drew support from the crypto industry.
The viral exchange on Friday turned the fight over control of the stablecoin prize into a time to galvanize digital asset leaders pushing for the money in the Senate.
Crypto Companies Close Positions Behind CLARITY Act
Company leaders quickly pushed back after that Dimon’s CLARITY Act everywhere on Fox Business Friday. Galaxy Digital’s Mike Novogratz said elected lawmakers, not banks, should write financial laws.
Coin Center’s Peter Van Valkenburgh has reported that about $3 trillion will be stolen through banks in 2025. to be invited Dimon’s anti-money-laundering frame is nonsense.
“The second issue is not really about rewards and interest on stablecoins. It’s also about AML, BSA, KYC. Because when you’re in a bank, it’s already gone through all that. We do that. We have to (do it) to the federal government. So if they want to move money around… for whatever reason, you have to ask: ‘Is that illegal?’ Answer: Yes, as long as they follow the same rules,” said Dimon he said in conversation.
Some crypto quotes mentioned JPMorgan’s history of regulatory and settlement fees billions.
Protection came with the Digital Asset Market Clarity Act before the full Senate. It took off Senate Banking Committee in a 15-9 vote on May 14.
The bill needs 60 votes in the Senate before returning to the House.
Armstrong’s Meme Becomes a Rally Cry
Armstrong’s index ranked Dimon as #2 on tradition and himself as #1 on economic freedom. The photo went viral within minutes.
“Hot Race” is also head of the 2019 gay hockey romance novel adapted for television in late 2025.
The meme fueled the industry’s controversy. Bank opposition to stablecoin reward it seems to be a standard protection, not a consumer protection.
Amid the growing controversy, Coinbase is now drawing comparisons to Charles Schwab’s late 1970s crackdown on lending commissions. The comparison also resonates with crypto traders who see Coinbase as destroying traditional banks.
“Coinbase is the current investment/banking that Charles Schwab was investing/trading in the late 70’s and 80’s. Schwab really messed up Wall Street then. Coinbase is really messing up Wall Street now. Schwab finally destroyed commissions and fees on transactions. he said Andrew, co-founder of Arch Public.
Industry figures oppose existing Bank Secrecy Act regulations on exchanges.
The pushback reflects a coordinated response to months of pressure on banks. A Senate floor vote is expected in June.
A note Coinbase vs. JPMorgan Feud Grows Over CLARITY Act appeared for the first time BeInCrypto.
