{"id":96170,"date":"2026-06-02T01:34:19","date_gmt":"2026-06-02T01:34:19","guid":{"rendered":"https:\/\/www.europesays.com\/people\/96170\/"},"modified":"2026-06-02T01:34:19","modified_gmt":"2026-06-02T01:34:19","slug":"jpmorgan-ceo-jamie-dimon-rags-on-coinbase-ceo-brian-armstrongs-crypto-lobbying-push-hes-full-of-shit","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/people\/96170\/","title":{"rendered":"JPMorgan CEO Jamie Dimon rags on Coinbase CEO Brian Armstrong’s crypto lobbying push: ‘He’s full of shit’"},"content":{"rendered":"\n

JPMorgan Chase (JPM<\/a>) CEO Jamie Dimon had some choice words for Coinbase (COIN<\/a>) CEO Brian Armstrong after months of their firms clashing over a major crypto bill.<\/p>\n

A rule on offering interest on dollar-pegged stablecoins, tucked into the Clarity Act, has been a thorn in the banking industry\u2019s side. During a wide-ranging interview on \u201cFox Business Network\u2019s Mornings with Maria,\u201d Dimon accused Armstrong and Coinbase of using that rule as a form of regulatory arbitrage to compete against full-charter US banks.<\/p>\n

When asked if he\u2019s happy about how the Clarity Act is shaping up, Dimon answered, \u201cNo.\u201d The bill is currently headed for a full Senate vote after passing through the Senate Banking Committee earlier this month<\/a>.<\/p>\n

\u201cWe\u2019ll fight it. If we lose, we lose, and we\u2019ll live,\u201d Dimon said.<\/p>\n

\"NEW JPMorgan Chase CEO Jamie Dimon had some choice words for Coinbase CEO Brian Armstrong after months of their firms clashing over a major crypto bill. (John Lamparski\/Getty Images) \u00b7 John Lamparski via Getty Images <\/p>\n

Coinbase and CEO Armstrong have said they fought against banking interests in DC over the bill\u2019s stablecoin rule to defend the crypto industry. When Fox Business\u2019s Maria Bartiromo mentioned this point to Dimon, the longtime bank chief added, \u201cHe\u2019s full of shit.\u201d<\/p>\n

\u201cIf he wants to be a bank, be a bank,\u201d Dimon said. \u201cNo one is going to bow down to this guy, OK, or that company,\u201d Dimon said. \u201cHe\u2019s the only one, and he\u2019s spending hundreds of millions of dollars in Washington on this thing.\u201d<\/p>\n

In response to Dimon\u2019s comments, Armstrong later on Friday posted a popular meme known as \u2018heated rivalry\u2019 that features he and Dimon squaring in a hockey match.<\/p>\n

The clash centers on whether crypto platforms should be permitted to offer yield to their customers\u2019 stablecoin holdings.\u00a0Dimon opined that firms that want to act like a bank should go through the myriad of regulations that banks are subject to.<\/p>\n

Bank of America CEO Brian Moynihan told Armstrong this point<\/a> during a conversation at the World Economic Forum in Davos, Switzerland, earlier this year.<\/p>\n

Crypto firms, particularly Coinbase, see the ability to pay interest as a crucial part of their growth engines. They argue it\u2019s a net positive for consumers, but the banking industry worries it closely resembles bank-like products, such as a high-yield savings account.<\/p>\n

In an emailed statement, Coinbase chief policy officer Faryar Shirzad said \u201cat the end of the day, we all share the same goal: improving the financial lives of Americans.\u201d<\/p>\n

Shirzad added that \u201cmillions of Americans believe this includes preserving rewards programs and passing clear rules that protect consumers while keeping America at the forefront of financial innovation.\u201d<\/p>\n

Read more:\u00a0How stablecoins work<\/a><\/p>\n

It\u2019s far from clear how much stablecoin usage in payments will grow in the coming years, or whether the proliferation of digital assets will suck deposits from US banks.<\/p>\n

There\u2019s plenty of debate on that front.<\/p>\n

The Bank Policy Institute, a key banking advocate in Washington, D.C., has argued that at a $4 trillion market size, stablecoins could cause bank deposits to fall an estimated 19%. That could curtail roughly $2.7 trillion in lending.<\/p>\n

The bill currently has the stablecoin rule intact. Armstrong previously rejected a January draft of the bill, prompting weeks of talks where the White House served as a mediator. Eventually, lawmakers landed on a compromise proposal. It aimed to ban interest payments on idle stablecoin balances while permitting carve-outs for transaction-based activities.<\/p>\n

Dimon and banking industry trade groups haven\u2019t been happy with the current proposal. Earlier this month, the American Bankers Association and five other bank trade groups called for further \u201ctightening\u201d of the stablecoin yield rule. They argued the bill\u2019s current language permits loopholes that allow crypto platforms to continue paying yields on idle customer balances.<\/p>\n

On the other hand, the White House argued in an April report that fears of deposit flight from banks over stablecoins are overstated. Additionally, the benefits to consumers of allowing yield outweigh a more marginal reduction in bank lending capacity.<\/p>\n

\"CEO CEO of Coinbase Brian Armstrong is interviewed for CNBC in the Russell Senate office building on Capitol Hill in Washington, D.C., U.S., January 15, 2026. REUTERS\/Annabelle Gordon \u00b7 REUTERS \/ REUTERS <\/p>\n

Earlier this week, Coinbase, meanwhile, introduced<\/a> a new direct deposit product earlier this year that advertises a 3.5% interest yield on balances of Circle\u2019s USDC (USDC-USD<\/a>) stablecoin. A person familiar with Dimon\u2019s thinking said the root of his agitation was likely tied to the release of this product ahead of the Senate vote and after months of negotiations with lawmakers.<\/p>\n

The stablecoin issue isn\u2019t the only roadblock in passing the Clarity Act. Democratic senators have called for ethics provisions to be added to the bill. They aim to address Donald Trump and his family\u2019s ties to the crypto industry, which have significantly deepened since the president entered the White House.<\/p>\n

However, President Trump is adamant about the bill\u2019s passage.<\/p>\n

\u201cUnder my Leadership, we will codify a FUTURE-PROOF Digital Asset Market Structure that cannot be undone by the Crypto Haters. The new Frontier of Finance is being Built in America, and \u201cTRUMP\u201d will NEVER let Crypto down!,\u201d the president wrote<\/a> this week in a Truth Social post.<\/p>\n

The bill is expected to be put to a vote on the Senate floor sometime in the coming weeks. With the midterm election season approaching, D.C. insiders are looking at early August as the deadline to pass the legislation.<\/p>\n

Updated with Armstrong\u2019s response.<\/p>\n

David Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets. Follow him on X at @DsHollers<\/a>.<\/p>\n

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