In brief
JP Morgan CEO Jamie Dimon went on the offensive against Coinbase CEO Brian Armstrong on Friday.
The banking executive said he and others in the banking industry are firmly against the Clarity Act over the issue of stablecoin yield.
Dimon claimed Armstrong is "the only one" fighting for it and spending "hundreds of millions" doing so.
JP Morgan CEO Jamie Dimon did not mince words about his stance on the Clarity Act and Coinbase CEO Brian Armstrong in an interview with Fox Business on Friday. The banking executive said he is not happy with the current version of the Clarity Act, a bill that would regulate most crypto activity in America, and says banks will “not accept it that way.” Dimon further vowed that the banking industry will fight it, and if “we lose, we lose.” “It will be fought,” said Dimon. “No one is going to bow down to this guy, or that company,” he added, without specifically naming Armstrong or Coinbase. After Fox Business anchor Maria Baritromo asked specifically about Coinbase, Dimon had more to say: “He’s the only one... he’s spending hundreds of millions of dollars in Washington on this thing. He’s full of shit.”
