CoinDesk
JPMorgan Chase CEO Jamie Dimon escalated his public battle against the current CLARITY Act framework on Friday, warning that the bill's stablecoin provisions could ultimately collapse the system it's meant to regulate. Speaking on Fox Business, Dimon said the draft legislation would allow stablecoin issuers to effectively pay interest on deposits without the consumer protections that banks are required to maintain — a line he says the industry won't cross. "The banks will not accept it that way," he said. "I will have nothing to do with it and it will eventually blow up."
The flashpoint is stablecoin rewards programs, which Coinbase CEO Brian Armstrong has championed as a legitimate high-yield product for crypto users.
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