JPMorgan CEO Goes Nuclear On CLARITY Act, Calling Coinbase’s Armstrong ‘Full Of S-t’
JPMorgan CEO Jamie Dimon sharply criticized Coinbase CEO Brian Armstrong and the CLARITY Act, saying banks “will not accept” the bill in its current form. Speaking at the Reagan National Economic Forum, he argued that crypto lobbying will not win broad support from traditional finance and said opposition would come from large banks, small banks, the ABA, and credit unions alike. Dimon said the bill has major flaws because it could let banks pay interest on deposits, stablecoins, or similar instruments without adequate protections. He also said it does not sufficiently address anti-money laundering and Bank Secrecy Act requirements. The CLARITY Act has advanced in the Senate, with committee approval already secured on part of the legislation. It still must pass a full Senate vote, be reconciled with House language, and receive final congressional and presidential approval.
