JPMorgan CEO Jamie Dimon attacks Coinbase boss and US stablecoin bill

JPMorgan Chase chief Jamie Dimon told Fox Business that the pending U.S. stable‑coin legislation—often called the Clarity Act—poses a threat to the financial system. He argued the bill would let crypto firms pay interest on stablecoin deposits without the AML, BSA, FDIC insurance and capital‑adequacy safeguards that banks face, calling it “a gift to an industry that wants the privileges of banking without the responsibilities.” Dimon also criticised Coinbase CEO Brian Armstrong, calling him “full of sh!t” and accusing him of spending millions to push the legislation.

Dimon said, “We’ll fight it. If we lose, we lose, and we’ll live,” echoing the broader banking sector’s opposition, including community‑bank groups and the Independent Community Bankers of America. The debate has already rattled crypto markets, with Bitcoin slipping as investors gauge the bill’s prospects. Lawmakers are reviewing the bill’s markup, and both sides remain entrenched.

The dispute highlights a larger clash over whether stablecoins should be regulated like traditional banks, a question that could shape U.S. financial policy and the future of digital assets.