Ripple’s Garlinghouse is back in business after Jamie Dimon targeted Coinbase and CLARITY ACT

Garlinghouse accused Jamie Dimon of causing harm by falsely suggesting that the CLARITY Act would weaken compliance standards.

Ripple CEO Brad Garlinghouse criticized JPMorgan Chase CEO Jamie Dimon over his recent statements attacking the CLARITY Act.

He stated that Dimon has been dismissive of the cryptocurrency industry for years while misrepresenting the purpose of the legislation.

Conflict over crypto regulation

Speaking during an interview with Fox Business host Maria Bartiromo, Garlinghouse He responded Straight back to comments Dimon made earlier this month, where the banking executive accused Coinbase CEO Brian Armstrong of pushing the bill in Washington and claimed the proposed legislation weakens protections against money laundering and Bank Secrecy Act violations.

The Ripple CEO said Dimon was either intentionally trying to undermine support for the bill or misunderstanding what the legislation actually does.

“As much as we can talk about whether or not Brian Armstrong represents the industry, he’s not; he represents Coinbase, and in certain ways he’s going to look out for Coinbase’s best interest. But at the end of the day, I think what Jamie Dimon did was a disservice. He represents that this reduces compliance concerns, makes it easier to do bad things. That’s not true. It’s either intentional misrepresentation or even negligence in trying to provide support for Coinbase. The law of clarity will go away.”

Even during an appearance at the Reagan National Economic Forum last month, Dimon said He said Banks would not accept the current form of the bill and criticized Armstrong.

“He’s the only one, and he’s spending hundreds of millions of dollars in Washington on this thing. It’s full of shit.”

Economist Peter Schiff too criticize Dimon comments and said that stablecoin issuers should not face the same banking rules as traditional lenders. Despite being a long-time critic of cryptocurrencies, Schiff said banks operate with FDIC insurance and risky lending practices, while fully backed stablecoins invested only in US Treasuries serve a legitimate purpose.

Progress on the Clarity Act to date

The CLARITY Act is moving through Congress but faces growing opposition from big banks. The bill aims to clarify which US regulator oversees different types of cryptocurrencies by dividing responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It is designed to reduce confusion about cryptocurrency regulation in the United States.

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After the legislation is approved in the House of Representatives in 2025 advanced Through the Senate Banking Committee last month, but still faces additional debate in the full Senate. One major sticking point involves stablecoin return provisions that banks say could allow cryptocurrency companies to offer interest-like rewards without following the same regulatory requirements imposed on traditional financial institutions.