Jamie Dimon announced that they oppose the current version of the CLARITY Act, a bill aimed at creating a regulatory framework for crypto assets in the US.
JPMorgan CEO stated that banks would oppose the bill, and also sharply criticized Coinbase CEO Brian Armstrong’s lobbying efforts in favor of the bill.
Speaking in an interview with Fox Business, Dimon argued that the CLARITY Act allows crypto companies to offer interest or reward-like incentives to stablecoin holders without being subject to similar regulatory obligations as banks. Dimon stated that the bill does not adequately address anti-money laundering (AML) rules and requirements under the Bank Secrecy Act (BSA).
JPMorgan’s CEO stated that the current regulation does not include sufficient legal protections for consumers and the financial system, adding, “Banks will not accept the bill as it is.”
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A heated debate has erupted between banks and the crypto sector in recent weeks over the issue of stablecoin rewards. Traditional financial institutions argue that the returns offered by platforms like Coinbase to stablecoin users could accelerate the outflow of deposits from banks, and that companies providing banking-like services should also be subject to similar regulatory oversight.
The debates surrounding the Clarity Act have intensified due to stablecoin incentives, scrutiny of US President Donald Trump’s interests in the crypto sector, and the approaching 2026 midterm elections.
Dimon also targeted Coinbase CEO Brian Armstrong. Claiming that Armstrong spent hundreds of millions of dollars in Washington to get the bill passed, Dimon leveled harsh criticism against the Coinbase executive. The JPMorgan CEO had previously made similar statements during the World Economic Forum in Switzerland.
*This is not investment advice.
