JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon vowed to fight the CLARITY Act in a Fox Business interview Friday, calling Coinbase (NASDAQ:COIN) CEO Brian Armstrong “full of sh–” over his lobbying push.
Banks Won’t Accept Stablecoin Yield Without Regulatory Safeguards
Dimon’s core objection is stablecoin yield.
The CLARITY Act would allow crypto firms to reward customers for holding stablecoins, something banks argue creates direct competition without requiring the same consumer protections banks must follow.
He also flagged the bill’s Anti-Money Laundering and Bank Secrecy Act provisions as inadequate.
