‘It’s full of shit’: JPMorgan’s Jamie Dimon takes aim at Coinbase CEO over Clarity Act

JP Morgan CEO Jamie Dimon didn’t mince words about his stance on the Clarity Act and Coinbase CEO Brian Armstrong in an interview with Fox Business Friday.

The banking executive said he’s unhappy with the current version of the Clarity Act, a bill that would regulate most cryptocurrency activity in America, and says banks “won’t take it that way.” Dimon also pledged that the banking industry would fight this problem, and if “we lose, we lose.”

“It’s going to be a fight,” Damon said. “No one is going to bow down to this guy or that company,” he added, without naming Armstrong or Coinbase specifically.

after Fox Business Anchor Maria Baritromo asked specifically about CoinbaseDamon had more to say: “He’s the only one…spending hundreds of millions of dollars in Washington on this thing. It’s full of shit.”

Damon’s audit of the law is largely obvious stems from an issue Stablecoin return– It is a major point of contention with the banking lobby, which has hindered progress on the draft law in recent months. Currently, cryptocurrency platforms can offer a return, essentially a form of interest payment, on stablecoin holdings as allowed under the GENIUS Act — which President Donald Trump signed into law in July of last year.

The GENIUS Act specifically prohibits stablecoin issuers, such as Tether or Circle, from offering yield to customers, but allows third parties, such as Coinbase or other exchanges, to do so instead.

Banks have struggled to include language in the Clarity Act to close this loophole Cryptocurrency industry giants such as Coinbase have sought to ensure that platforms can continue to offer a return tied to stablecoins.

This debate helped extend the period for potential passage of the Clarity Act by more than four months Coinbase at some point withdraws its support The bill prior to the inclusion of stablecoin reward settlement language.

Just two months ago, Dimon criticized demands for stablecoin returns, stating that “the public will pay.” He added again on Friday that it would “eventually blow up on its own.”

“If you want to be a bank, be a bank.” he said in March. “Then you can do whatever you want under the bank law.”

The controversial bill has seen a lot of back and forth over the past few months, however Passed the Senate Banking Committee Vote earlier this month. It will now move to the Senate floor for possible final approval.

Despite the back and forth, President Trump remained adamant about passing the bill, Posting earlier this week It aims to “codify the future-proof structure of the digital asset market.”

As it is, Predictions on Polymarket Give the bill about a 59% chance To sign the law by the end of 2026.