Ripple CEO Rebukes JPMorgan’s Jamie Dimon For Opposing CLARITY Act

While Congress is considering rules on crypto market structure, Ripple CEO Brad Garlinghouse took a shot at JPMorgan CEO Jamie Dimon. Garlinghouse blasted Dimon for inaccurately characterizing the Digital Asset Market Clarity Act.

Ripple CEO At Loggerheads With Jamie Dimon

Garlinghouse said that Dimon’s criticism of the bill is typical of the opposition among traditional financial institutions who are trying to defend their business models.

“Jamie Dimon has been dismissing this industry for decades,” the Ripple CEO said, per a FOX Business interview. He added that the JPMorgan chief has even called Bitcoin a “pet rock” and made other disparaging remarks about the crypto industry.

Garlinghouse said there are substantial reasons why JPMorgan would want to keep things as they are, citing the bank’s payments arm. “Jamie Dimon also should be clear that he is trying to protect and dig a deeper moat for a business extremely profitable for them to maintain,” he said.

The Ripple CEO was particularly upset with Dimon’s claims that the CLARITY Act could weaken safeguards or make misconduct easier.

In his interview, Garlinghouse added, “I think what Jamie Dimon did a disservice when he did that interview with you.” He spotlighted Dimon’s views that the bill “reduces compliance concerns, or makes it easier to do bad things.”

The Ripple CEO declared, “That is just not true.” He added, “It is either intentional misrepresentation or negligent to make support for the CLARITY Act go away.”

Dimon, in May, also attacked Coinbase co-founder Brian Armstrong, who has been vocal in his support of the CLARITY Act. However, lawmakers, including Senator Cynthia Lummis rejected the JPMorgan CEO’s claims.

Ripple CEO Explains How CLARITY Act Solves Problems For Businesses

The crypto industry’s main goal is not to have fewer rules, but more certainty, Garlinghouse said. “The industry wants clarity and wants regulation,” he said. A well-defined legal structure would make it more attractive to invest in the crypto industry, the Ripple CEO added.

Some institutions have been deterred by uncertainty over future regulations, Garlinghouse said. He argued that the passage of the CLARITY Act would put businesses at ease.

The Ripple CEO added that the bill would give them the assurance to be able to increase their engagement with digital assets without having to move to foreign markets.

What’s Next For The CLARITY Act?

For context, if approved, the bill will create the first regulatory regime for digital assets in the United States. Now, lawmakers are actively discussing the legislation’s provisions as they look to advance the bill before the August recess.

In May, the CLARITY Act passed the Senate Banking Committee in a bipartisan vote. Moreover, it was added to the Senate Legislative Calendar on June 1.

Meanwhile, Lummis expects a Senate floor vote this summer.