JPMorgan Chase CEO Jamie Dimon has said banks will oppose the Clarity Act unless lawmakers change provisions that he says give crypto firms bank-like powers without bank-level safeguards.
Summary
- Jamie Dimon said banks will oppose the Clarity Act unless lawmakers add stronger safeguards for stablecoin rewards.
- Dimon argued that crypto firms should not offer bank-like products without AML and Bank Secrecy Act protections.
- SoFi’s stablecoin launch shows how digital tokens and traditional deposit products are starting to overlap.
Fox Business reported that Dimon made the comments on Friday during an interview focused on pending legislation on crypto market structure. The JPMorgan chief said the bill, as written, would allow crypto companies to offer rewards tied to stablecoins or similar products without protections attached to traditional banking.
Dimon says banks reject the current crypto bill
According to Jamie Dimon, the Clarity Act does not go far enough on legal protections, anti-money laundering rules, and Bank Secrecy Act requirements. He said banks would not accept the legislation in its current form because it creates risks around products that resemble deposits.
The dispute has pitted banks and crypto companies against each other in one of Washington’s most closely watched digital asset debates. Banks argue that stablecoin rewards could pull customer money away from regulated deposits. Crypto firms, including Coinbase, have pushed back against restrictions that would limit customer incentives on dollar-linked tokens.
Dimon told Fox Business that firms offering products with deposit-like features should face rules comparable to banks. He said the government must handle stablecoin regulation carefully because poor design could create serious problems later.
Coinbase lobbying draws sharp attack
During the same interview, Jamie Dimon criticized Coinbase CEO Brian Armstrong over the exchange’s political spending. Dimon claimed Armstrong has spent hundreds of millions of dollars in Washington to help move the legislation forward.
“No one is going to bow down to this guy,” Dimon said in the interview, before using an expletive to describe Armstrong. Fox Business noted that Dimon made similar comments about the Coinbase executive earlier this year at the World Economic Forum in Davos, Switzerland.
The fight comes as the Clarity Act faces pressure from several directions. Crypto industry groups want clear rules for digital assets, while banks want tighter limits on stablecoin-related rewards. The bill also faces scrutiny due to President Donald Trump’s crypto interests and the approaching 2026 midterm elections.
Stablecoins move closer to bank deposits
As previously reported by crypto.news, SoFi Technologies launched SoFiUSD, which the company described as the first stablecoin issued by a U.S. national bank. The launch came alongside an earnings beat that helped lift short-term optimism in SOFI shares.
SoFi has longer-term plans for tokenized deposits that could offer interest and FDIC insurance. Those plans show how stablecoin products and bank deposit products are beginning to overlap in practice.
For banks such as JPMorgan, that overlap sits at the center of the current fight. Dimon said he supports blockchain technology and sees stablecoins as useful for cross-border payments. However, he told Fox Business that stablecoin rules must include proper safeguards before Congress moves ahead.
JPMorgan keeps acquisition option open
Away from the crypto bill, Jamie Dimon also said JPMorgan could spend between $10 billion and $20 billion on an acquisition if the right opportunity appears. He made the comments on Wednesday during a fireside chat at the Bernstein Strategic Decisions Conference.
According to Jamie Dimon, JPMorgan may have room to buy another company over the next two years. His comments came as the bank prepares to fight crypto legislation that, in his view, could change how financial firms compete for customer deposits.
