During a CNBC interview, Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis sharply criticized JPMorgan Chase CEO Jamie Dimon’s recent remarks targeting Coinbase CEO Brian Armstrong, calling them "distasteful" and suggesting the banking executive either hasn’t read the major crypto market structure bill before Congress or is actively trying to mislead the public.
Dimon made headlines last week when he said in a separate CNBC interview that "no one is going to bow down to" Armstrong, adding that the Coinbase CEO is "full of sh--" — a phrase he has used before. His strong statements came during a discussion about the Clarity Act, federal legislation aimed at creating a clearer regulatory framework for crypto.
The Clarity Act "allows cryptocurrency firms to effectively pay interest on deposits, stablecoins or something like that, without the protection that they should have," the JPMorgan CEO argued, saying the legislation also fails to adequately address Anti-Money Laundering (AML) requirements and the Bank Secrecy Act (BSA).
Dimon contends the bill doesn't have the necessary legal protections and banks will work to oppose the Clarity Act.
Dimon's takedown of Coinbase CEO
