‘He’s full of shit’: JP Morgan’s Jamie Dimon takes aim at Coinbase CEO over clarity laws

JP Morgan CEO Jamie Dimon didn’t hold back on his stance on the Clarity Act and his interview with Coinbase CEO Brian Armstrong. fox business On Friday.

Bank executives say they are unhappy with the current version of the Clarity Act, the bill that regulates most cryptocurrency activity in the U.S., and that banks will not take it that way. Dimon also pledged that the banking industry would fight back and that “if we lose, we lose.”

“It’s going to be a fight,” Dimon said. “No one is going to bow down to this person or that company,” he added, without specifically mentioning Armstrong or Coinbase by name.

later fox business Anchor Maria Baritromo asked a specific question about Coinbase.Dimon had more to say. “He’s the only one. He’s spending hundreds of millions of dollars on this in Washington. He’s full of shit.”

Dimon’s Investigation into the Clarity Act Originating from stablecoin yield issues—A major stumbling block for the banking lobby that has delayed progress on the bill in recent months. Currently, cryptocurrency platforms can offer yields, essentially a form of interest payments, on stablecoin holdings, which is allowed under the GENIUS Act signed into law by President Donald Trump in July of last year.

The GENIUS Act specifically prohibits stablecoin issuers like Tether or Circle from offering returns to customers, but instead allows third parties like Coinbase or other exchanges to do so.

Banks have been trying to include language in the Clarity Act to close that loophole. Cryptocurrency giants like Coinbase have been working to ensure that their platforms continue to offer yields tied to stablecoins.

This debate helped advance potential passage of the Clarity Act by more than four months. Coinbase at one point withdrew its support. This is the bill before including the stablecoin compensation compromise language.

Just two months ago, Dimon criticized calls for stablecoin yields, saying “the public will pay for it.” On Friday, he added again: “It will eventually explode on its own.”

“If you want to be a bank, become a bank” he said in march. “Then you can do whatever you want under banking law.”

The controversial bill has gone back and forth several times over the past few months. Passes Major Senate Banking Committee Vote early this month. It will now move to the Senate for potential final approval.

Despite various controversies, President Trump maintained a firm stance on passing the bill. Posted earlier this week He aims to “codify a future-proof digital asset market structure.”

As of now, Polymarket’s Forecaster Give the bill about a 59% chance It will be signed into law by the end of 2026.