JPMorgan Chase CEO Jamie Dimon called Coinbase chief Brian Armstrong “full of sh*t” for claiming to speak for the whole crypto industry.
Speaking on FOX Business’s ‘Mornings With Maria‘ on Friday, the billionaire banker vowed to fight the current stablecoin legislation, arguing it lacks the AML, KYC, capital and consumer protection requirements that banks are legally obligated to follow.
“We’re not worried. We think it should be fair. If he takes deposits like a bank, he should have bank rules,” Dimon stressed, addressing questions about whether banks are worried about losing money to crypto platforms. “We have social requirements, legal, liquidity requirements, capital requirements, AML requirements, financial reporting requirements, transparency requirements. If he wants to be a bank, be a bank.”
The legislation, known as CLARITY Act, is heading to the next stage of the Senate markup process after clearing the Senate Banking Committee, with the Banking and Agriculture Committees now working to merge their versions into final Senate text.
Some estimates suggest that if stablecoin yields become widely available under a clear regulatory framework, as much as $6 trillion could flow out of traditional bank deposits and into digital alternatives.
