JPMorgan Chase CEO Jamie Dimon said US banks “will not accept” the current draft of the CLARITY Act. He vowed the industry will fight the bill, escalating a public clash with Coinbase.
At the Reagan National Economic Forum on Friday, Dimon attacked a CLARITY Act provision. The clause lets crypto firms pay interest-like rewards on stablecoin balances without bank-style consumer protections.
Banks ‘Will Fight’ the CLARITY Act
Dimon framed the dispute as a fairness issue. He argued any firm taking deposits should face the same capital, liquidity, and reporting requirements as regulated lenders.
“If he takes deposits like a bank, should have bank rules … If you want to be a bank, be a bank,” Dimon stated in an interview with Fox Business.
The CEO said the American Bankers Association, smaller banks, and credit unions all oppose the current text.
“It will be fought. Don’t bow down to this guy or company.”
His comments come weeks after Coinbase pulled support for the Senate version. The exchange cited changes to stablecoin yield provisions.
Stablecoin Risk and Compliance
Dimon argued stablecoin issuers should face the same anti-money laundering, Bank Secrecy Act, and Know Your Customer obligations as JPMorgan.
He warned that funds moved abroad without those controls could disappear into anonymous wallets.
“Goes to third wallet, fourth wallet, maybe sex trafficker.”
He distanced JPMorgan from the product even as the bank develops its own JPM Deposit Coin.
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“I am not that worried about stablecoin. I would have nothing to do with it. Would blow up on its own.”
The bill is heading for markup in Congress. The dispute now pits Wall Street’s largest bank against the largest US crypto exchange. Dimon said his ask is simple.
“Just saying, should be fair, equal. Period.”
The post JPMorgan CEO Jamie Dimon Blasts Coinbase: Banks Won’t Accept Stablecoin Bill Without Equal Regulation appeared first on BeInCrypto.
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