JPMorgan CEO Jamie Dimon rags on Coinbase CEO Brian Armstrong’s crypto lobbying push: ‘He’s full of shit’

A rule on offering interest on dollar-pegged stablecoins, tucked into the Clarity Act, has been a thorn in the banking industry’s side. During a wide-ranging interview on “Fox Business Network’s Mornings with Maria,” Dimon accused Armstrong and Coinbase of using that rule as a form of regulatory arbitrage to compete against full-charter US banks.

When asked if he’s happy about how the Clarity Act is shaping up, Dimon answered, “No.” The bill is currently headed for a full Senate vote after passing through the Senate Banking Committee earlier this month.

“We’ll fight it. If we lose, we lose, and we’ll live,” Dimon said.