Ripple CEO Brad Garlinghouse intensified criticism of JPMorgan's Jamie Dimon after Dimon mischaracterized the CLARITY Act, a proposed US crypto market framework. Garlinghouse argued that Dimon's opposition is based on intentional misrepresentation, as the bill clarifies regulatory oversight without weakening compliance. The dispute highlights a pivotal moment for digital asset regulation, with supporters claiming clearer rules could reduce uncertainty and prevent capital from moving offshore. Garlinghouse also suggested JPMorgan has economic incentives to preserve existing market structures, given its profitable payments business faces competition from blockchain infrastructure. The CLARITY Act has passed the House and cleared the Senate Banking Committee, with the White House aiming for enactment by July 4, 2026.

Key facts

• Garlinghouse accuses Dimon of misrepresenting the CLARITY Act to undermine support.
• CLARITY Act aims to clarify US regulatory oversight of digital assets.
• Garlinghouse says most crypto trading occurs outside US due to legal ambiguity.
• JPMorgan's payments business faces competitive pressure from blockchain, per Ripple.
• White House targets July 4, 2026 for law enactment after Senate committee approval.

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