Is JPMorgan Scared of Coinbase? Stablecoin Reward War 'Shakes' the Banking Sector's Livelihood

▲ JPMorgan, Coinbase, Stablecoin/AI Generated Image

Coinbase CEO Brian Armstrong countered JPMorgan CEO Jamie Dimon's attack on the CLARITY Act (U.S. crypto market structure bill) with a meme. The clash between the two sides over stablecoin rewards escalated into a regulatory battle in Washington.

According to BeInCrypto, a cryptocurrency media outlet, on May 30 (local time), Armstrong posted a hockey-themed meme targeting Dimon, who criticized the U.S. crypto market structure bill. The post quickly garnered strong support from the crypto industry. The debate between the banking sector and the crypto industry over stablecoin rewards has also expanded into a phase of pressure for the bill's passage.

On May 29, Dimon strongly criticized the U.S. crypto market structure bill in an interview with Fox Business. He raised concerns about stablecoin rewards, anti-money laundering (AML), the Bank Secrecy Act, and know-your-customer (KYC) regulations. Dimon argued that crypto companies should follow the same level of rules as banks. He also said that Armstrong was spending vast sums of money in Washington to pass the bill.

The crypto industry immediately retaliated. Mike Novogratz of Galaxy Digital argued that financial bills should be drafted and passed by elected representatives, not banks. Peter Van Valkenburgh of Coin Center pointed out that approximately $3 trillion was laundered through banks in 2025. He directly criticized Dimon's anti-money laundering logic.

The U.S. crypto market structure bill is awaiting a full Senate vote. The bill passed the Senate Banking Committee with a 15-9 vote on May 14. It needs to secure 60 votes in the plenary session before returning to the House of Representatives. BeInCrypto reported that the crypto industry's defensive battle unfolded in conjunction with the bill's plenary session proceedings.

Armstrong's meme depicted Dimon as a symbol of traditional finance. Armstrong himself was represented as a symbol of economic freedom. Industry insiders argued that the banking sector's opposition to stablecoin yield rewards was less about consumer protection and more about defending the vested interests of existing financial institutions. Some crypto supporters commented that Coinbase, like Charles Schwab in the 1970s and 1980s, is shaking up traditional finance's trading hours, accessibility, technology, and margin structures.

BeInCrypto analyzed that this clash demonstrates the crypto industry's organized counterattack against months of banking sector lobbying. The conflict over stablecoin rewards and regulatory authority has emerged as a key issue in Washington ahead of the Senate vote on the U.S. crypto market structure bill.

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