Ripple CEO Brad Garlinghouse has criticized JPMorgan Chase CEO Jamie Dimon for his recent comments against the Clarity Act, a US bill that aims to provide a regulatory framework for cryptocurrencies. Dimon had called the bill's support for stablecoin yields a reduction in compliance standards and later described Coinbase founder Brian Armstrong as 'full of shit' for backing the inclusion. Garlinghouse argued that Dimon's opposition is driven by a desire to protect JPMorgan's profitable banking business from competition, not by genuine concerns about compliance. He accused Dimon of misrepresentation and urged him to be clearer about his motives. The Clarity Act, which would allow crypto exchanges to offer stablecoin yields, passed a key Senate committee vote last month and now awaits a full Senate vote. Prediction markets put its chances of becoming law this year at 47%, down from 65% a week earlier. The bill's stablecoin yield provision has been the most contentious issue, with the banking lobby strongly opposing it while crypto advocates argue it is essential for innovation.

Key facts

• Ripple CEO Garlinghouse accused JPMorgan's Dimon of misrepresenting the Clarity Act.
• Dimon opposed the bill's stablecoin yield provision, calling it a compliance risk.
• Garlinghouse said Dimon seeks to protect JPMorgan's profits from crypto competition.
• The Clarity Act passed a Senate committee vote; odds of enactment are 47%.
• Dimon previously called Coinbase's Armstrong 'full of shit' for backing the bill.

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