Ripple (CRYPTO: XRP) CEO Brad Garlinghouse sharply criticized JPMorgan (NYSE:JPM) CEO Jamie Dimon's opposition to cryptocurrency legislation, accusing the banking executive of either intentionally misrepresenting or negligently misunderstanding the implications of the CLARITY Act.
Dimon Trying To Protect Speaking on Fox Business on June 11, Garlinghouse pushed back against Dimon's recent criticism of the CLARITY Act, a bill designed to establish a regulatory framework for digital assets in the U.S.
Dimon had argued that certain provisions could weaken oversight and allow crypto firms to offer reward programs that compete with traditional banking products.
Garlinghouse rejected those claims.
He noted that a large portion of global crypto trading activity remains offshore, arguing that clear domestic regulations would improve consumer protections while attracting more activity back to the U.S.
