JPMorgan Chase CEO Jamie Dimon said US banks will not accept the current draft of the CLARITY Act, escalating a public clash with Coinbase. At the Reagan National Economic Forum, Dimon attacked a provision allowing crypto firms to pay interest-like rewards on stablecoin balances without bank-style consumer protections, framing it as a fairness issue. He argued any firm taking deposits should face the same capital, liquidity, and reporting requirements as regulated lenders. Dimon stated that the American Bankers Association, smaller banks, and credit unions all oppose the current text, vowing the industry will fight the bill. He also warned that stablecoin issuers should face the same anti-money laundering, Bank Secrecy Act, and Know Your Customer obligations as JPMorgan, cautioning that funds moved abroad could disappear into anonymous wallets. Dimon distanced JPMorgan from stablecoins, saying he would have nothing to do with them. The bill is heading for markup in Congress, pitting Wall Street's largest bank against the largest US crypto exchange.

Key facts

• Dimon says US banks will not accept the current CLARITY Act draft.
• Provision allows crypto firms to pay interest-like rewards on stablecoins without bank protections.
• Dimon argues any firm taking deposits should face same rules as banks.
• He warns stablecoin funds could disappear into anonymous wallets without controls.
• Bill moves to markup in Congress amid Wall Street vs. crypto exchange clash.

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