‘He’s Full of Shit’: JP Morgan’s Jamie Dimon Takes Aim at Coinbase CEO Over Clarity Act

JP Morgan CEO Jamie Dimon didn’t mince phrases about his stance on the Readability Act and Coinbase CEO Brian Armstrong in an interview with Fox Enterprise on Friday. 

The banking govt mentioned he’s not proud of the present model of the Readability Act, a invoice that will regulate most crypto exercise in America, and says banks will “not settle for it that approach.” Dimon additional vowed that the banking trade will struggle it, and if “we lose, we lose.” 

“Will probably be fought,” mentioned Dimon. “Nobody goes to bow all the way down to this man, or that firm,” he added, with out particularly naming Armstrong or Coinbase. 

After Fox Enterprise anchor Maria Baritromo requested particularly about Coinbase, Dimon had extra to say: “He’s the one one… he’s spending a whole bunch of tens of millions of {dollars} in Washington on this factor. He’s filled with shit.”

Dimon’s scrutiny of the Readability Act largely stems from the difficulty of stablecoin yield—a serious sticking level with the banking foyer that has stalled progress on the invoice in current months. In the intervening time, cryptocurrency platforms are in a position to provide yield, basically a type of curiosity funds, on stablecoin holdings as permitted by the GENIUS Act—signed into regulation by President Donald Trump in July final 12 months.

The GENIUS Act particularly prohibits stablecoin issuers, corresponding to Tether or Circle, from providing yield to purchasers, however permits for third-parties, corresponding to Coinbase or different exchanges, to take action as an alternative.

Banks have fought to incorporate language within the Readability Act to shut that loophole whereas crypto trade giants like Coinbase have sought to make sure platforms can proceed providing yield tied to stablecoins.

The talk has helped draw out the Readability Act’s potential passage by greater than 4 months, with Coinbase at one point withdrawing its support for the invoice previous to the inclusion of stablecoin reward compromise language.

Simply two months in the past, Dimon slammed the calls for on stablecoin yields, noting that the “public pays.” As soon as extra on Friday, he added that “it might ultimately blow up by itself.” 

“If you wish to be a financial institution, develop into a financial institution,” he said in March. “Then you are able to do no matter you need underneath financial institution regulation.”

The contentious invoice has seen loads of forwards and backwards over the previous few months, however passed a key Senate Banking Committee vote earlier this month. It should now transfer to the Senate flooring for a possible remaining approval. 

Regardless of the forwards and backwards, President Trump has remained adamant getting the invoice handed, posting earlier this week that he goals to “codify a future proof digital asset market construction.”

Because it stands, predictors on Polymarket give the invoice round a 59% probability of being signed into regulation by the top of 2026.