J.P. Morgan CEO Jamie Dimon is back on frank form when it comes to crypto bill the Clarity Act, saying a proponent of the legislation—Coinbase CEO, Brian Armstrong—is “full of shit.”
Dimon, the leader of the largest bank in the U.S., was asked on Friday about the landmark bill that would establish a regulatory framework for cryptocurrencies. The crypto industry sees the bill as a good thing, offering predictable oversight and guardrails—as well as allowing crypto exchanges to offer interest-like payments on deposits.
Banks, subject to more established and rigorous scrutiny, warn the bill doesn’t do enough to protect consumers and also raises questions over where capital will be stored and and guaranteed if crypto exchanges like Coinbase are able to take deposits the way banks do.
Dimon made it clear he would fight the bill, which recently advanced through the Senate Banking Committee, and said he wasn’t afraid of its approval—rather he wanted competition to be equal.
