Key Highlights
- Jamie Dimon criticized the current version of the CLARITY Act during a Fox Business interview.
- JPMorgan and other major banks may oppose the bill over AML and legal protection concerns.
- Dimon accused Coinbase CEO Brian Armstrong of heavily lobbying for the legislation.
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase, criticized Coinbase CEO Brian Armstrong and the proposed CLARITY Act, a crypto market structure bill currently under debate.
During his appearance on Fox Business’ “Mornings with Maria” on Friday, Dimon said he was dissatisfied with the existing version of the CLARITY Act and that all major banks, like JPMorgan, would oppose it strongly.
Dimon stated, “It allows cryptocurrency firms to effectively pay interest on deposits, stablecoins, or something like that, without the protection that they should have.” He argued that the bill falls short on critical issues such as anti-money laundering (AML) requirements and compliance with the Bank Secrecy Act (BSA).
Dimon highlighted that the legislation lacks necessary legal protections at present. “It has almost no legal protections… so the banks will not accept it that way,” he stated, adding that banks “will fight it.”
Dimon highlights blockchain and stablecoins benefits
While opposing the present version of the CLARITY Act, Dimon noted possible positive effects of using blockchain technology and stablecoins, especially when it comes to cross-border payments. Nevertheless, he emphasized the necessity of regulating fiat-backed coins.
“It’s complicated. The government needs to do it thoughtfully. If they don’t do it thoughtfully, it will be a huge problem,” he warned.
Dimon also went after Brian Armstrong, accusing him of spending more than hundreds of millions of dollars to lobby for the passage of the bill in Washington. “No one is going to bow down to this guy,” Dimon said. He then resorted to some stronger wording by saying that Armstrong was “full of sh–.”
Dimon’s remarks shed light on the continuous conflict between conventional finance firms and those dealing in cryptocurrencies. Despite having its own unit to experiment with blockchains called Kinexys (formerly Onyx), JPMorgan remains reluctant to make any regulatory change that might favor crypto firms.
CLARITY Act background
The CLARITY Act (Digital Asset Market Clarity Act of 2025; H.R. 3633) is one of the biggest US bipartisan bills aimed at creating a clear regulatory scheme for digital assets and crypto assets.
Proposed in 2025, the bill seeks to remove longstanding uncertainty regarding how to regulate the assets by assigning the supervision of the asset to either the SEC (in cases where it is considered a security/investment contract) or the CFTC (where it is considered a commodity to be traded on decentralized networks). Among other things, the bill also includes measures that restrict CBDCs.
The bill passed the House with strong bipartisan support in 2025 and advanced through the Senate Banking Committee in May 2026.
Clear stance of banking institutions
The remarks come at a time when institutional investors are increasingly showing interest in cryptocurrencies. Many major companies have stepped up their investments in Bitcoin-based ETFs, and some platforms are making plans to offer crypto services under strict regulations. Nevertheless, Dimon’s remarks point to a significant rift in the financial community regarding the integration of cryptocurrencies in the traditional financial system.
In light of ongoing legislation, Dimon’s remarks are likely to carry much significance on Capitol Hill. This is a clear message from traditional banks that they will play an active role in shaping regulations surrounding cryptocurrencies in the US. Nevertheless, it is not entirely clear what the implications of the proposed CLARITY Act will carry.
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