JPMorgan plans to oppose Clarity Act as Dimon attacks Coinbase lobbying push

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JPMorgan opposes Clarity Act

Highlights

JPMorgan CEO Jamie Dimon says banks will oppose the Clarity Act, arguing it lacks sufficient legal protections for stablecoins and deposit-like crypto products.
Dimon criticizes Coinbase CEO Brian Armstrong for allegedly spending hundreds of millions in Washington lobbying for the bill, warning of risks to regulatory oversight and deposit stability.
While Dimon acknowledges stablecoins' value for cross-border payments, he insists current legislation fails to meet Anti-Money Laundering and Bank Secrecy Act requirements.

Bank concerns over stablecoin rules

The Block reports that Dimon says JPMorgan and other banks plan to fight the Clarity Act as currently drafted, arguing that it does not provide sufficient legal protections around stablecoins and related deposit-like products.

In an interview with Fox Business on Friday, Dimon says the bill would allow cryptocurrency firms to effectively pay interest on deposits, stablecoins or similar products without the protections banks face. He also says the legislation does not adequately address Anti-Money Laundering requirements and the Bank Secrecy Act.

Dimon says banks will not accept the measure in its present form. The dispute centers on whether crypto firms such as Coinbase should be allowed to reward customers for holding stablecoins, a model banks argue could speed deposit flight from traditional institutions while avoiding comparable regulatory oversight.

Political pressure and industry impact

The fight over the Clarity Act has become one of the most contentious issues in U.S. crypto policy, with disagreements extending beyond stablecoin rewards to scrutiny of President Donald Trump's crypto interests and the approach of the 2026 midterm elections.

Dimon also targets Coinbase CEO Brian Armstrong, saying Armstrong is spending hundreds of millions of dollars in Washington to help push the legislation forward. He says no one will bow to that effort and repeats criticism he made earlier this year at the World Economic Forum in Davos, Switzerland.

At the same time, Dimon says he supports blockchain technology and sees practical value in stablecoins for uses including cross-border payments. Still, he warns that the government needs to handle the framework carefully, or the consequences for the financial system could be significant.

Our earlier article covered SoFi Technologies’ launch of SoFiUSD, described as the first stablecoin issued by a U.S. national bank, alongside an earnings beat that fueled short-term optimism in SOFI shares. We also noted SoFi’s longer-term plans around tokenized deposits that could potentially offer interest and FDIC insurance, highlighting how stablecoin products are starting to overlap with traditional deposit features.

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