Jamie Dimon Says JPMorganChase Will Continue Fighting CLARITY Act Over Crypto Deposit Risks

JPMorgan Chase CEO Jamie Dimon said the banking industry will continue to “fight” the current version of the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill in the United States.

“JPMorgan Chase CEO Jamie Dimon said banks will oppose parts of the proposed CLARITY Act, escalating tensions between traditional financial institutions and the crypto industry over stablecoin regulation in the United States”

AMBCrypto

Dimon told Fox Business that the latest version “effectively” allows crypto companies to pay interest on user deposits and stablecoin balances while failing to impose the same Anti-Money Laundering (AML) provisions, sanctions regulations outlined in the Bank Secrecy Act (BSA), and capital reserve requirements that banks must follow on crypto service providers.

AMBCrypto

In the same remarks, Dimon said, “The banks will not accept it that way,” and argued that if crypto companies want to offer yield-bearing products to customers, they should apply for banking charters.

Dimon’s comments followed a markup of the CLARITY bill in the Senate Banking Committee, which voted to advance it in May, and the bill still must pass in both chambers of Congress and be signed by US President Donald Trump to take effect.

Dimon escalated his criticism of Coinbase by linking the negotiations to Coinbase CEO Brian Armstrong, saying, “We will fight it, if we lose, we lose, and we will live, okay? But it will be fought.”

He added that “No one is going to bow down to this guy or that company, and he's the only one, and he's spending hundreds of millions of dollars on this thing in Washington.”

Bitcoin Magazine

The dispute is playing out as Polymarket odds for CLARITY’s passage into law by the end of 2026 surged to about 68% after the May markup, but later fell to 59% on Polymarket.

Cryptonews.net also reported that Senate Banking Committee Chairman Tim Scott characterized the bill markup as “bipartisan,” while only two Democratic lawmakers voted alongside Republicans to advance it, raising the prospect of resistance on the Senate floor.

Dimon’s core objection centers on stablecoin yield provisions, with CoinDesk quoting him saying, “No, because it allows them to effectively pay interest on deposits, stablecoins or something like that, without protection that they should have,” and warning, “The banks will not accept it that way.”

“‘The banks will not accept it’: Dimon escalates battle over stablecoin rewards in CLARITY Act debate JPMorgan CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and warned the current CLARITY Act framework could ultimately fail, as banks and crypto firms clash over whether stablecoin issuers should be allowed to offer yield-bearing rewards that resemble bank deposits”

CoinDesk

CoinDesk further reported that Dimon predicted the outcome if lawmakers do not address banks’ concerns, saying, “it will eventually blow up.”

In the same Fox Business interview coverage, Dimon argued that if crypto companies take deposits like a bank, they should be regulated like a bank and required to follow AML, Bank Secrecy Act, and know your customer (KYC) rules.

PYMNTS also quoted Dimon saying, “We’re just saying it should be fair and equal, period, not that they can’t do what they want to do,” while noting that the bill’s path forward is “far from guaranteed.”