‘The banks will not accept it’: JP Morgan's Dimon escalates battle over stablecoin rewards in CLARITY Act debate
Jamie Dimon criticized Coinbase and warned the Clarity Act could fail unless lawmakers address banks’ concerns about stablecoin regulation. He said the current draft would let crypto firms pay interest-like rewards on stablecoins without the protections required of banks, which traditional lenders will not accept. The dispute is slowing the bill as Congress negotiates rules on stablecoin issuers, reserves, consumer protections, and whether crypto firms can offer yield-bearing products similar to bank accounts. Coinbase argues banks are trying to block stablecoin rewards to protect deposit business; banks say any firm offering bank-like products should face similar oversight. The issue has become a major obstacle to advancing broader U.S. crypto market structure legislation, despite bipartisan interest.
