JPMorgan CEO Says Banks Will Fight CLARITY Act Over Stablecoin Rewards

Highlights:

• Jamie Dimon slams the CLARITY Act over unfair stablecoin reward rules for banks.
• Dimon publicly criticized Coinbase CEO Brian Armstrong over heavy crypto lobbying in Washington.
• Senator Lummis warns Congress that the next crypto legislation window may not come until 2030.

JPMorgan Chase CEO Jamie Dimon has strongly criticized the current version of the CLARITY Act, saying major banks will oppose the crypto market-structure bill if lawmakers leave its stablecoin-reward rules unchanged. Dimon made the comments during a Fox Business interview that aired Friday.

Dimon said the bill “allows cryptocurrency firms to effectively pay interest on deposits, stablecoins or something like that, without the protection that they should have.” He added that the CLARITY Act does not properly address Anti-Money Laundering rules or the Bank Secrecy Act. He also said the bill has “almost no legal protections,” adding that “the banks will not accept it that way.” “If we lose, we lose. We’ll live. But it will be fought,” he added.

JUST IN: JPMorgan CEO Jamie Dimon lashes out at The Clarity Act, says banks are going to fight it and Coinbase CEO Brian Armstrong is "full of sh*t" 😳

"We'll fight it. If we lose, we lose. It will be fought."

The Bankers are MAD they're losing. pic.twitter.com/qoSoimff9O

— Bitcoin Magazine (@BitcoinMagazine) May 29, 2026

Dimon Criticizes Coinbase and Brian Armstrong

Dimon also took aim at Coinbase CEO Brian Armstrong, who has supported clearer crypto rules in Washington. Referring to Armstrong and Coinbase, Dimon said, “No one’s going to bow down to this guy, or that company.” He also accused Armstrong of spending heavily in Washington to support the legislation.

In another sharp comment, Dimon reportedly said Armstrong was “full of s–t,” as the fight between banks and crypto firms became more public. His criticism came as the crypto industry continues to push for clearer U.S. rules covering exchanges, brokers, stablecoins, and digital asset markets.

Coinbase and other crypto companies say the U.S. needs clear laws so the industry can grow under proper oversight. However, banks say the current bill may give crypto firms an unfair advantage if they can offer stablecoin rewards without bank-level rules.

Stablecoin Rules Remain the Main Fight

The CLARITY Act is designed to create a clearer legal framework for digital assets in the United States. It would help define which regulators oversee different parts of the crypto market, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Dimon said banks are not entirely opposed to stablecoins. His concern is how they are treated under the proposed law. He warned that allowing crypto firms to offer deposit-like rewards without strong protections could create risks for consumers and the financial system.

CLARITY Act Delay Could Leave Crypto Rules Stuck Until 2030

The bill passed the U.S. House in July last year. After that, it moved to the Senate. On May 14, the Senate Banking Committee approved the CLARITY Act in a 15-9 vote. Now, it still needs a full Senate vote. If the Senate changes the bill, the House and Senate must agree on the same final version before it can go to the president for signature. 

Senator Cynthia Lummis also warned that Congress may not get another strong chance to pass digital asset legislation for several years. In an X post, Lummis said the next window for digital asset legislation after this Congress is “likely 2030.” She added that developers would remain exposed without clear legal rules.

The next window for digital asset legislation after this Congress is likely 2030. Until then, developers remain exposed with no legal protections, and law enforcement remains without the tools to hold bad actors accountable. The Clarity Act solves both.

— Senator Cynthia Lummis (@SenLummis) May 29, 2026