CLARITY Act: JPMorgan CEO Jamie Dimon Vows to Fight Stablecoin Provisions, Calls Out Coinbase CEO

JPMorgan CEO Jamie Dimon has signaled that banks will not relent in their opposition to the CLARITY Act, despite the crypto bill advancing out of the Senate Banking Committee. He also called Coinbase’s CEO, Brian Armstrong, who has notably championed the fight for stablecoin rewards.

JPMorgan CEO Says Banks Will Fight The Stablecoin Text In CLARITY Act

In an interview on Mornings with Maria, Jamie Dimon said that banks will fight the latest version of the crypto bill despite the Senate Banking Committee having marked it up. “We will fight it; if we lose, we will live,” he said.

The JPMorgan CEO also addressed comments that the bank was afraid of the competition from the crypto industry. He remarked that this wasn’t the case and that all they were asking for was a level playing field. Dimon stated that if crypto firms take bank deposits, then they should also be subject to bank rules.

Dimon also claimed that the crypto bill doesn’t include anything on AML and BSA, which is necessary to put crypto firms in check, similar to the compliance measures that banks face. His comments come amid U.S. President Donald Trump’s statement, in which he vowed that his administration will codify a future-proof CLARITY Act, one that “crypto haters” cannot undo.

Notably, Jamie Dimon has been largely critical of the crypto industry and has in the past called Bitcoin a fraud. However, the JPMorgan CEO has recently acknowledged the potential of blockchain technology.

Meanwhile, he reiterated that it wasn’t about the competition. Specifically, he said he wasn’t worried about stablecoins, as they already have a tokenized deposit token, JPM Coin, which they have issued on the Base network.

Jamie Dimon Calls Out Coinbase CEO

The JPMorgan CEO also called out Coinbase’s CEO, Brian Armstrong, stating that he has spent millions of dollars lobbying for stablecoin rewards. “He is full of shit,” Jamie Dimon said in reference to the Coinbase CEO.

The top crypto exchange and its CEO, Brian Armstrong, were actively involved in the push for stablecoin rewards even as the banking industry called for a broad ban on stablecoin rewards. The current stablecoin text bans rewards on idle balances and only permits activity-based rewards.

However, the banks have argued that the current version is still not enough to prevent bank deposit flight risk. Commenting on Jamie Dimon’s statements, a spokesperson for Senator Cynthia Lummis told journalist Eleanor Terrett that the banks can’t deal with the bipartisan compromise on stablecoin yield and are making false claims about BSA and AML as a last-ditch attempt to poke holes in the CLARITY Act.