Dimon Blasts Coinbase CEO Over Clarity Act, Stablecoin Yield

JPMorgan CEO Jamie Dimon on Friday accused Coinbase CEO Brian Armstrong of spending “hundreds of millions” lobbying for the Clarity Act and used an expletive to describe Armstrong’s stance, saying banks will fight the bill over how it treats stablecoin yield.

Dimon made the remarks in a Friday interview, repeatedly opposing the current Clarity Act language on stablecoin rewards. He warned the banking industry will push back if the bill does not change and said the fight over the provision “will be fought.” When pressed about Coinbase, he said, “He’s the only one… he’s spending hundreds of millions of dollars in Washington on this thing. He’s full of shit.”

The dispute focuses on whether crypto platforms can continue offering yield-payments similar to interest-on stablecoin balances. Under last year’s GENIUS Act, stablecoin issuers such as Tether and Circle are barred from directly offering yield to customers, while third-party platforms are allowed to provide such rewards. Banks want the Clarity Act to close that carve-out and bring yield activity under bank rules.

Crypto firms including major exchanges have argued that wallets and trading platforms should be allowed to offer yield to users. That disagreement delayed the Clarity Act for months. At one point, Coinbase withdrew support for the bill before negotiators added compromise language on stablecoin rewards.

Dimon reiterated comments he made in March that firms offering bank-like services should become regulated banks. He has warned that broad stablecoin yield could create risks for the public and said the arrangement “would eventually blow up on its own.”

The Clarity Act passed a key vote in the Senate Banking Committee earlier this month and now moves to the full Senate. President Trump has voiced support for the bill, saying he wants to “codify a future proof digital asset market structure.” Market predictors currently place the probability of the bill being signed into law by the end of 2026 at about 59 percent.

Supporters of allowing third-party yield say it expands consumer options and supports innovation. Critics, including many bankers, argue the practice circumvents deposit rules and consumer protections that apply to banks. The Senate will consider whether to preserve the GENIUS Act’s third-party carve-out or to fold stablecoin yield under stricter banking oversight.