Ripple CEO Garlinghouse attacks JPMorgan's Dimon over US CLARITY Act

Ripple chief executive Brad Garlinghouse publicly challenged JPMorgan CEO Jamie Dimon during a Fox Business interview, saying Dimon misrepresented the purpose of the pending CLARITY Act. Garlinghouse argued that Dimon’s criticism is intended to protect JPMorgan’s extremely profitable payments franchise, which generates about $20 billion in revenue, and to preserve the bank’s existing market moat.

Garlinghouse highlighted that roughly 90 % of crypto trading volume now operates outside the United States and suggested the CLARITY Act would restore regulated domestic trading and investor protections. CFTC Chairman Michael Selig defended the bill, stating it seeks to clarify investor safeguards without weakening compliance. Dimon had previously warned that the legislation could increase fraud risk and undermine financial stability.

The dispute centers on a provision allowing stable‑coin yields, which the banking lobby opposes, while crypto firms and Ripple call for clearer regulation to foster broader corporate adoption.