JPMorgan Chase CEO Jamie Dimon took aim at Coinbase CEO Brian Armstrong and the Digital Asset Market Clarity Act on Friday, warning that the current draft of the bill allows financial institutions to pay interest on stablecoins without proper safeguards.
In an interview with Fox Business’ Maria Bartiromo, Dimon also voiced strong opposition to the Clarity Act, a measure designed to establish federal oversight for digital assets.
“The banks will not accept it that way. … I’m not worried about stablecoins but if it happened I’m telling you I will have nothing to do with it and it will eventually blow up,” Dimon said.
The comments come as lawmakers are preparing a key markup session that could decide the bill’s fate in Congress. Both the Senate Banking and Agriculture Committees have advanced their versions of the legislation. A bipartisan group is now working to merge the two bills before a full Senate vote.
Key issues remain unresolved, including reserve requirements for stablecoin issuers, consumer protections, and whether crypto firms can offer yield-bearing products that mimic traditional bank accounts.