JPMorgan Chase (JPM) CEO Jamie Dimon had some choice words for Coinbase (COIN) CEO Brian Armstrong after months of their firms clashing over a major crypto bill.
A rule on offering interest on dollar-pegged stablecoins, tucked into the Clarity Act, has been a thorn in the banking industry’s side. During a wide-ranging interview on “Fox Business Network’s Mornings with Maria,” Dimon accused Armstrong and Coinbase of using that rule as a form of regulatory arbitrage to compete against full-charter US banks.
When asked if he’s happy about how the Clarity Act is shaping up, Dimon answered, “No.” The bill is currently headed for a full Senate vote after passing through the Senate Banking Committee earlier this month.
“We’ll fight it. If we lose, we lose, and we’ll live,” Dimon said.
JPMorgan Chase CEO Jamie Dimon had some choice words for Coinbase CEO Brian Armstrong after months of their firms clashing over a major crypto bill. (John Lamparski/Getty Images) · John Lamparski via Getty Images
Coinbase and CEO Armstrong have said they fought against banking interests in DC over the bill’s stablecoin rule to defend the crypto industry. When Fox Business’s Maria Bartiromo mentioned this point to Dimon, the longtime bank chief added, “He’s full of shit.”
“If he wants to be a bank, be a bank,” Dimon said. “No one is going to bow down to this guy, OK, or that company,” Dimon said. “He’s the only one, and he’s spending hundreds of millions of dollars in Washington on this thing.”
In response to Dimon’s comments, Armstrong later on Friday posted a popular meme known as ‘heated rivalry’ that features he and Dimon squaring in a hockey match.
The clash centers on whether crypto platforms should be permitted to offer yield to their customers’ stablecoin holdings. Dimon opined that firms that want to act like a bank should go through the myriad of regulations that banks are subject to.
Bank of America CEO Brian Moynihan told Armstrong this point during a conversation at the World Economic Forum in Davos, Switzerland, earlier this year.
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