“Fights to the End”…JPMorgan CEO Declares All-Out War on Stablecoin Bill!

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Jamie Dimon, CEO of JPMorgan, openly criticized the stablecoin provisions within the CLARITY Act, a U.S. cryptocurrency market structure bill, declaring, “I will fight to the end.” With Coinbase CEO Brian Armstrong also publicly targeted, the clash between the U.S. financial sector and the cryptocurrency industry is intensifying.

According to crypto media outlet Coingape on May 29 (local time), Dimon stated in a Fox Business ‘Mornings with Maria’ interview that even though the CLARITY Act passed the Senate Banking Committee, opposition from the banking sector would not cease. He said, “We will fight, and if we lose, we will accept it.” He particularly insisted that if crypto companies handle bank deposits, they should be subject to the same regulations as banks.

Dimon pointed out that the current bill does not sufficiently include content related to Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA). He emphasized that crypto companies, like banks, must adhere to the same regulations and compliance obligations. This stance comes shortly after U.S. President Donald Trump stated, “I will create a forward-looking CLARITY Act that even crypto opponents cannot overturn.”

He also drew a line, stating that he is not afraid of stablecoin competition itself. He mentioned that JPMorgan is already operating its own tokenized deposit asset, ‘JPM Coin,’ on the Base network. While Dimon was a prominent skeptic who once criticized Bitcoin (BTC) as a “fraud,” he has recently shown some acknowledgment of the potential of blockchain technology itself.

In particular, Dimon directly targeted Coinbase CEO Brian Armstrong with harsh criticism. He accused Armstrong of engaging in millions of dollars worth of lobbying activities to allow stablecoin rewards, directly stating that he was “full of shit.” Currently, discussions around stablecoin-related bills are moving towards prohibiting rewards for idle balances and only allowing activity-based rewards.

The banking sector still argues that these provisions alone are insufficient to prevent the risk of deposit outflows. In contrast, Senator Cynthia Lummis’s side countered that the banking sector is unwilling to accept a bipartisan compromise and is using AML and BSA-related issues as a means to attack the bill. The media reported that this debate is likely to be a crucial turning point for the direction of U.S. stablecoin regulation and the competition for dominance between the traditional financial sector and the crypto industry.

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