JPMorgan CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and warned the current CLARITY Act framework could ultimately fail, as banks and crypto firms clash over whether stablecoin issuers should be allowed to offer yield-bearing rewards that resemble bank deposits.

Dimon said Coinbase's Armstrong is spending hundreds of millions of dollars trying to get Clarity Act passed.

JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon vowed to fight the CLARITY Act in a Fox Business interview Friday, calling Coinbase