JPMorgan's Dimon Says Banks Will Fight Clarity Act Over Stablecoin Rewards
JPMorgan CEO Jamie Dimon said banks will fight the current version of the CLARITY Act, arguing the bill would let crypto firms offer stablecoin rewards that effectively pay interest on deposits without the protections banks face. Dimon said stablecoins could become a legitimate payment system but warned they could become a "huge problem" if not handled thoughtfully, and he used profanity to describe Coinbase CEO Brian Armstrong.
The dispute centers on language that would let crypto exchanges offer rewards on stablecoin balances through "activity-based" membership programs. Dimon said the Senate crypto market-structure bill "doesn't do anything for AML/BSA" and provides "almost no legal protections," while a spokesperson for Senator Cynthia Lummis said banks were making false BSA/AML claims to attack a bipartisan compromise on stablecoin yield. The bill cleared the Senate Banking Committee 15-9 on May 14 and is headed to the full Senate floor, with the White House targeting a July 4 signing.
From the sources (25 posts)
@coinmarketcapLATEST: 🇺🇸 TD Cowen warns the CLARITY Act is unlikely to pass this year, pointing to a "worsening political environment" that's making Democratic support increasingly hard to secure.
@bitcoinnews“This bill affects the remaining 90% of crypto assets.” @patrickjwitt explains why the Clarity Act could reshape the entire crypto industry with DeFi exemptions, dev protections, and new exchange rules. Listen in with @_dsencil at @TheBit
@tftc21Sen. Cynthia Lummis: "If the Clarity Act doesn't pass this Congress, American software developers will be targeted again for prosecution in the near future just for publishing code."
@cryptoroverSENATOR CYNTHIA LUMMIS: 🇺🇸 "The next step is clear: get the crypto bill through congress and onto the President's desk."
@cointelegraph🇺🇸 BULLISH: Congressman Tom Emmer says the U.S. is leading on crypto market structure legislation and cementing its position as the “crypto capital of the world.”
@cointelegraph🇺🇸 TODAY: Donald Trump said his administration will protect America’s position as the “crypto capital of the world.” “Gary Gensler and the ‘Anti-Crypto Army’ nearly destroyed the American crypto industry.”
@tftc21President Trump: Gary Gensler and anti-crypto policies nearly destroyed the U.S. industry. America is now the “crypto capital of the world.”
@eleanorterrett🚨NEW: President Trump says his administration is building a “future-proof” digital asset market structure that can’t be undone by “crypto haters.” This marks the first time the president has publicly weighed in on crypto market structure s
@cointelegraph🇺🇸 NOW: SEC Chair Paul Atkins says the era of the SEC being at odds with technology and innovation is over. “Under President Trump’s leadership, and alongside colleagues across the Admin and Congress, we’re delivering much needed clarity t
@bitcoinnews“We lost years of U.S. leadership in this space.” @patrickjwitt says the U.S. is racing to catch up, with the SEC and CFTC finally aligned as global markets wait on America to bring crypto innovation back home. More with @_dsencil at @The
@theblockcoTrump vows to codify 'future-proof' digital asset market structure
@cointelegraph🇺🇸 NOW: Senator Cynthia Lummis says President Trump promoted policies that embrace the crypto industry and help it thrive. "Let's get the bipartisan Clarity Act to his desk so he can make the U.S. the crypto capital of the world with a s
@cointelegraph🔥 ATKINS: "We are delivering much needed clarity to digital asset markets."
@bitcoinnews"It's time to pass the Clarity Act," says Patrick Witt, White House Crypto Council Executive Director. 🇺🇸 @patrickjwitt says countries are already aligning their crypto regulations with the U.S. after the GENIUS Act. "They are just waiting
@tftc21Sen. Cynthia Lummis: "Without the Clarity Act, if a digital asset exchange goes bankrupt, customers have no guaranteed right to their own assets."
@cointelegraph🇺🇸 NEW: Senator Cynthia Lummis says the CLARITY Act is needed to protect crypto users, warning that without it, customers of bankrupt exchanges could lose guaranteed rights to their own assets.
@bitcoinmagazineJUST IN: 🇺🇸 Treasury Secretary Scott Bessent urges lawmakers to advance the Clarity Act: "There most important thing we can do is to make digital assets come into the United States. Make the U.S. the home." "I would encourage the House an
@tftc21Treasury Secretary Scott Bessent rules out U.S. Central Bank Digital Currency. "There will be no Central Bank Digital Currency. That would be the first step toward tracking. We took that off the table. We passed stablecoin legislation... a
@kalshi_cryptoJUST IN: US Treasury Secretary Bessent calls on Congress to pass Clarity Act 50% chance it happens this year
@bitcoinnews🇺🇸 Sen. Tim Scott says advancing the Clarity Act "puts America back in the driving seat for the foreseeable future." Sen. Scott praised the bipartisan committee work, stating "getting this legislation done is historic." 🏦
@cointelegraph🇺🇸 JUST IN: Treasury Secretary Scott Bessent urged Congress to pass the Clarity Act, saying the U.S. should become the global home for digital assets.
@bitcoinnews🇺🇸 Sec. Bessent confirms the administration has been "very clear there will be no central bank digital currency." Bessent urged passing the Clarity Act to bring digital assets onshore, stating "all the nonsense that happens...that's becaus
@theblockcoThe Digital Chamber ramps up pressure on Congress with call to action to pass Clarity Act
@eleanorterrettTreasury Secretary @SecScottBessent reiterated today that there will be no CBDC under the Trump administration. However, it's worth noting that the House-passed ROAD to Housing Act includes a temporary ban on a Fed-issued CBDC that expires
@eleanorterrett@joshualipsky @SecScottBessent True. I wasn't suggesting a CBDC automatically goes live in 2030, but I think it's interesting that both the proposed ban and Warsh's first term expire in the same year.