TheBlock
JPMorgan Chase CEO Jamie Dimon went on the offensive Friday, telling Fox Business that he and other major banks plan to oppose the Clarity Act in its current form. His core objection: the bill would allow crypto firms to effectively pay interest on stablecoin deposits without the same regulatory protections — AML compliance, Bank Secrecy Act requirements — that banks must meet. "It has almost no legal protections ... so the banks will not accept it that way," Dimon said.
The sharpest moment came when Dimon turned his sights on Coinbase CEO Brian Armstrong, who has reportedly spent hundreds of millions lobbying to push the legislation through. "No one is going to bow down to this guy," Dimon said, adding that Armstrong is "full of sh--." It was not the first time — Dimon made similar remarks about Armstrong at Davos earlier this year.
CryptoSlate
CoinTelegraph