Dimon Moats His Own Castle: Ripple CEO Says JPMorgan Boss Is Drowning the Clarity Act 🏰

Ripple CEO Brad Garlinghouse publicly rebuked JPMorgan CEO Jamie Dimon on Monday, accusing the banking executive of misrepresenting the Digital Asset Market Clarity Act in a recent Fox Business interview with Maria Bartiromo and of attempting to protect JPMorgan's payments business from new crypto competition. "What Jamie Dimon did a disservice around… is that he's representing that this reduces compliance concerns, that it makes it easier to do bad things," Garlinghouse said. "That's just not true. It's either intentionally misrepresentation or even negligent to try to make support for the Clarity Act go away."

Garlinghouse said Dimon is "trying to protect and dig a deeper moat for a business that's extremely profitable for them to maintain," referring to JPMorgan's existing payments operations. The Ripple chief added that "Jamie Dimon has been dismissing this industry for decades" and pointed to past comments in which Dimon called $BTC a "pet rock." He acknowledged that Coinbase CEO Brian Armstrong has spent "hundreds of millions of dollars in Washington" lobbying for the bill, per Dimon's May remarks, but argued that "the industry wants clarity, and wants regulation."

Dimon had said in his Fox Business interview that the banking industry will not accept the current version of the bill and that "it will be fought," adding that if banks "lose, we lose." His objections center on a provision that would allow crypto exchanges such as Coinbase to offer stablecoin yields, or rewards paid to users holding stablecoin balances on their platforms. Armstrong withdrew support for an earlier draft of the bill that did not include yield provisions, and the banking lobby has opposed the inclusion.

The Clarity Act passed a Senate committee vote last month and is now headed to the Senate floor for final approval. Prediction market users on Polymarket put the odds of the bill being signed into law this year at 47%, down about 18 percentage points from earlier estimates, reflecting the uncertainty over how the stablecoin yield fight will be resolved.