Big banks’ gloves come off in their fight with crypto | CNN Business

New York —

Even for Jamie Dimon, the banking titan who’s not known to mince words, it was a surprising shot across the bow when he described a fellow financier as “full of sh*t.”

“No one’s gonna bow down to this guy or that company,” Dimon told Fox Business last week. “This guy” being Brian Armstrong, and “that company” being cryptocurrency exchange Coinbase.

The Dimon-Armstrong tension isn’t new, but it is boiling over publicly as the Senate inches closer to a floor vote on the crypto industry’s No. 1 legislative priority, known as the Clarity Act.

Dimon, a longtime crypto skeptic, broadly supports crypto regulation but takes issue with a provision in the Clarity Act that would allow companies like Coinbase to “effectively pay interest on deposits… without the protection they should have.”