Jamie Dimon Vows to Fight Clarity Act, Slams Coinbase CEO

JPMorgan Chase CEO Jamie Dimon announced Friday he will oppose the Clarity Act in its current form, arguing the bill would let crypto firms pay interest on stablecoins and other deposits without the legal protections that apply to banks.

Speaking in a Friday interview, Dimon argued the draft legislation “allows cryptocurrency firms to effectively pay interest on deposits, stablecoins or something like that, without the protection that they should have.” He added the measure does not adequately address anti-money-laundering rules and Bank Secrecy Act requirements.

Dimon warned banks would reject the bill unless lawmakers tighten its language. He described the Clarity Act as having “almost no legal protections … so the banks will not accept it that way,” and said permitting stablecoin rewards could accelerate the transfer of deposits from traditional banks to crypto platforms.

He criticized Coinbase CEO Brian Armstrong’s lobbying efforts in Washington, accusing Armstrong of spending hundreds of millions to push the legislation. Dimon said, “No one is going to bow down to this guy,” and later used an expletive to describe Armstrong.

Dimon also noted he supports blockchain technology and sees legitimate uses for stablecoins, such as cross-border payments, but said the government must create clear rules. “It's complicated. The government needs to do it thoughtfully. If they don't do it thoughtfully, it will be a huge problem,” he added.

The Clarity Act seeks to create a regulatory framework for digital assets. A central dispute is whether crypto firms should be allowed to offer interest-like incentives for holding stablecoins. Banks argue firms offering bank-like products should face the same oversight and consumer protections as deposit-taking institutions and raise concerns about anti-money-laundering safeguards. Crypto firms maintain that stablecoin rewards fall outside traditional banking rules.

JPMorgan's opposition joins other financial institutions pressing lawmakers to clarify safeguards and enforcement standards as Congress considers how to integrate digital assets into existing legal regimes.