Jamie Dimon Slams Coinbase CEO in Escalating Crypto Lobbying Fight

JPMorgan Chase CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong after months of clashes between the banking and crypto sectors over a major crypto bill.

Coinbase and Armstrong have argued that their lobbying efforts are aimed at protecting the crypto industry from restrictive banking regulations. (Photo: Coinbase X)

A rule concerning the offering of interest on dollar-pegged stablecoins, included in the Clarity Act, has become a major point of contention for the banking industry, David Hollerith reported for Yahoo Finance.

During an interview on Fox Business Network’s Mornings with Maria, Dimon accused Armstrong and Coinbase of using the rule as a form of regulatory arbitrage to compete with traditional U.S. banks.

Asked whether he supported the Clarity Act, Dimon said, “No.” The bill is moving toward a Senate vote after passing the Senate Banking Committee. Dimon added, “We’ll fight it. If we lose, we lose, and we’ll live.”

Coinbase and Armstrong have argued that their lobbying efforts are aimed at protecting the crypto industry from restrictive banking regulations.

When the issue was raised again during the interview, Dimon responded bluntly, “He’s full of it,” and added that Armstrong should operate under the same rules as banks if he wants banking privileges.

Armstrong later responded on social media with a meme referencing a “heated rivalry” between the two executives.