In short
- Ripple CEO Brad Garlinghouse spoke about JPMorgan boss Jamie Dimon’s criticism of the Clarity Act.
- Garlinghouse said Dimon needs to clarify his reasons for wanting to remain in “the same position.”
- Dimon has previously spoken out against stablecoin derivatives and recently said that Coinbase founder Brian Armstrong is “full of shit.”
Ripple CEO Brad Garlinghouse thinks JPMorgan boss Jamie Dimon needs to make his intentions clear against the Clarity Act, pending legislation that would provide a regulatory framework for the broader crypto ecosystem in the United States.
Ripple’s head echoed Dimon’s recent comments on the bill during the interview with Fox Business and Maria Bartiromothe same reporter that Dimon spoke to in late May when the head of JPMorgan took aim at Coinbase co-founder and CEO Brain Armstrong for his support of the bill.
“What Jamie Dimon has done wrong … is he’s representing that this will reduce anxiety, that it will make it easier to do bad things,” Garlinghouse said of Dimon’s comments to the agency. Fox Business recipient.
“This is not true,” Garlinghouse said. “It would be willful misrepresentation or negligence to try to help the Clarity Act go away.”
Demon to inconsistent with the Clarity Act mainly based on the part of the bill that would allow crypto exchanges such as Coinbase to offer stablecoin yields, or reward users for storing stablecoin balances on their platforms.
According to Garlinghouse, that’s because JPMorgan would prefer to “maintain the status quo” of the existing business and not face newly empowered adversaries from the crypto world.
“Jamie Dimon also needs to make it clear that they are trying to protect and dig a deep business trench that is very profitable for them,” Garlinghouse said.
The issue of allowing stablecoin yields has been one of those the most controversial policy of the Clarity Actand bank receivers are fighting them hard. Others, such as Coinbase’s Armstrong – have urged the need for its inclusion, to the point of withdrawing support for the bill it did not allow it.
In his May interview, Dimon said that Armstrong is “the only one” fighting to get in, saying that Armstrong and Coinbase are spending “hundreds of millions of dollars in Washington” on it. Dimon finally included that Coinbase boss is “full of shit.”
Although Garlinghouse acknowledged that Armstrong represents Coinbase, not all crypto companies, he said that “companies want clarity, and they want control.”
Bill passed the necessary Senate Committee vote last month and the next will go to the Senate for final approval. Odds a The Clarity Act is being signed into law this year it is only 47% according to users of the prediction market on Polymarket – about 18% less than the forecast of the opinion at this time last week.
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