Dimon Says "We Will Fight." Garlinghouse Says Dimon Is Fighting for the Moat. 💸

Ripple CEO Brad Garlinghouse accused JPMorgan CEO Jamie Dimon of "intentional misrepresentation" over his opposition to the CLARITY Act, a pending U.S. Senate bill that would establish a regulatory framework for most crypto market activity, in a Wednesday interview on Fox Business with host Maria Bartiromo. Garlinghouse said Dimon is distorting the bill's compliance implications to shield JPMorgan's payments business, a segment he tied to roughly $20 billion in annual revenue and over $5 billion in profit for the bank. "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 told Bartiromo. "That's just not true. It's either intentional misrepresentation or even negligent to try to make support for the Clarity Act go away." He added: "Jamie Dimon also should be clear that he is trying to protect and dig a deeper moat for a business extremely profitable for them."

The dispute is rooted in a provision of the CLARITY Act that would allow crypto exchanges such as Coinbase to offer stablecoin yield, or rewards paid to users who maintain stablecoin balances on their platforms. The banking lobby has fought strongly against that clause, and it is the same point that drew Dimon's criticism in his late-May appearance on Fox Business. In that interview, Dimon said the bill is inadequate on anti-money-laundering and Bank Secrecy Act grounds, vowed that the banking industry would fight the legislation, and stated: "We will fight the CLARITY Act. If we lose, we lose, and we'll live. But it will be fought." Dimon also labeled Coinbase co-founder and CEO Brian Armstrong "full of shit" and said "nobody is going to bow down to Brian Armstrong or Coinbase," accusing Armstrong of spending "hundreds of millions of dollars in Washington" on the issue. Garlinghouse, while acknowledging that Armstrong "is representing Coinbase, not the entire crypto industry," said "the industry wants clarity, and wants regulation."

Garlinghouse also referenced Dimon's long history of skeptical comments on the sector, including his past description of Bitcoin ($BTC) as a "pet rock," and argued that established financial institutions are resisting the bill to defend existing business lines. He noted that most digital asset trading now occurs outside the United States, a trend he said is increasing competitive pressure on domestic markets. The CLARITY Act passed a Senate committee vote last month and is next scheduled to move to the Senate floor for consideration. Odds of the bill being signed into law this year stood at 47% on prediction market Polymarket at the time of the reports, down about 18 percentage points from earlier levels, according to the sources.