Ripple CEO Brad Garlinghouse Accuses JPMorgan’s Jamie Dimon of Misrepresenting the US CLARITY Act

Ripple CEO Brad Garlinghouse intensified criticism of JPMorgan executive Jamie Dimon over the proposed US CLARITY Act, accusing Dimon of “Misrepresenting” the bill and saying “Thats just not true.”

“Ripple CEO Slams JPMorgan for “Misrepresenting” the CLARITY Act Ripple CEO Brad Garlinghouse intensified criticism of JPMorgans Jamie Dimon after accusing the banking executive of mischaracterizing the CLARITY Act, a proposed US crypto market framework”

Bitget

Garlinghouse argued in an interview on Fox Business that public opposition to the CLARITY Act misrepresented its purpose, and he said the proposal weakens compliance standards by failing to reflect how the legislation separates oversight responsibilities among regulators.

bloomingbit

The dispute arrived as Congress faces a compressed legislative calendar before the August recess, with the White House wanting crypto’s regulatory framework signed into law by July 4th, 2026.

Bitget also framed the stakes as institutional adoption, noting the CLARITY Act has already passed the House and cleared the Senate Banking Committee.

Garlinghouse said JPMorgan has economic incentives to preserve existing market structures, pointing to the bank’s payments business and arguing blockchain infrastructure introduces competitive pressure.

Michael Saylor, executive chairman of Strategy, defended the company’s recent Bitcoin sale by saying the ability to sell the asset is necessary to continue issuing “digital credit.”

Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC, and Saylor said that if a policy is that “we won't sell the Bitcoin, then the credit won't have value and the equity won't have value.”

CoinDesk

In an interview with Cointelegraph at the BTC Prague conference, Saylor described products like Strategy’s STRC preferred stock as “digital credit” instruments that use the company’s Bitcoin balance sheet to support credit obligations.

Saylor said digital credit markets are emerging as the next “trillion-dollar opportunity” in finance, and he argued that digital credit products can offer yields of up to 8%, which he said is three to four times more than traditional savings accounts.

Cointelegraph reported that on June 4, Apyx Finance’s dividend-backed synthetic stablecoin (apxUSD) depegged to as low as $0.90 as Bitcoin traded below $63,000 and STRC shares fell below their $100 par value.

Saylor’s broader pitch for Bitcoin-backed credit instruments included targeting $15-30T for Bitcoin-collateralized products, with STRC described as Strategy Variable Rate Perpetual Stretch Preferred Shares Series A.

“The iPhone Ghost: why Michael Saylor thinks bitcoin reflects Apple's legendary 'valley of despair'”

CoinDesk

Crypto Briefing said STRC offers a variable annualized dividend of 11.5%, paid monthly, and it trades near its $100 par value, backed by Strategy’s Bitcoin treasury described as spanning hundreds of thousands of coins.

The same source laid out a leverage math aiming to generate 10 to 20 cents of credit for every dollar of digital capital held, while warning that if Bitcoin enters a prolonged downturn, Strategy could face situations where it needs to sell or refinance Bitcoin holdings to meet obligations.

Cointelegraph added that Saylor cited projects such as Saturn and Apyx as examples of yield-bearing products built on top of digital credit markets, and it described the June 4 stress test tied to apxUSD’s depeg.

Cointelegraph also reported that at press time, apxUSD traded at $0.96, below its $1 peg, underscoring how digital credit products can be tested when Bitcoin prices and liquidity shift.