As lawmakers advance the crypto bill closer to completion, JPMorgan CEO Jamie Dimon attacked Coinbase CEO Brian Armstrong and criticized the CLARITY Act on Friday. Dimon Predicts Clash Over CLARITY Act Speaking at the Reagan National Economic Forum, Dimon said banks “will not accept” the CLARITY Act in its current form. He also suggested that efforts by crypto proponents are unlikely to produce a broad consensus with traditional financial institutions.  “It will be fought. No one’s gonna bow down to this guy, or that company,” Dimon said, referring to the act and Armstrong. Dimon continued: “He’s the only one, and he’s spending hundreds of millions of dollars in Washington on this thing… He’s full of shit.” Related Reading: Treasury Secretary Urges CLARITY Act Passage, Saying The US Should Be Home For Crypto As reported by NewsBTC on Thursday, the bill advanced in the Senate earlier this month. The Senate Banking Committee approved its portion, building on earlier progress from January, when the Agriculture Committee successfully voted on its version of the legislation. After a full Senate vote, lawmakers would need to complete the reconciliation steps required to finalize the measure and then secure agreement between the House and the Senate. Only after those steps would the final text move to the president for consideration. Yield And Compliance Provisions Concerns Dimon argued that the bill contains fundamental problems. He said the legislation would allow banks to earn interest on deposits, stablecoins, or related instruments “without the protection they should have,” and he also contended that it fails to address anti-money laundering (AML) and Bank Secrecy Act requirements sufficiently.  “It allows them to effectively pay interest on deposits, stablecoins, or something like that, without the protection they should have. And it does not do anything for AML/BSA,” Dimon said. Related Reading: Ethereum (ETH) Drops Below $2,000—Why Standard Chartered Still Expects $40,000 By 2030 The executive further emphasized that the pushback would not be limited to a single type of institution or one segment of the industry. He said banks of different sizes would oppose the CLARITY Act as currently written, arguing that unity spans both large and smaller players.  “The banks will not accept it that way,” Dimon said. “The ABA [American Bankers Association], the small banks, the credit unions. It’s not just the big guys.” Featured image from CNBC; chart from TradingView.com

انتقد الرئيس التنفيذي لشركة JPMorgan، جيمي ديمون، علنًا الرئيس التنفيذي لشركة Coinbase، بريان أرمسترونغ، وقانون CLARITY، مؤكدًا أن البنوك لن تقبل التشريع في شكله الحالي. وصف ديمون جهود الضغط التي بذلها أرمسترونغ بأنها غير فعالة وأعرب عن تشككه في إمكانية تحقيق توافق بين مؤيدي العملات المشفرة والمؤسسات المالية التقليدية.

El CEO de JPMorgan, Jamie Dimon, ha criticado públicamente al CEO de Coinbase, Brian Armstrong, y al CLARITY Act, afirmando que los bancos no aceptarán la legislación en su forma actual. Dimon describió los esfuerzos de cabildeo de Armstrong como ineficaces y expresó escepticismo sobre la posibilidad de alcanzar un consenso entre los defensores de las criptomonedas y las instituciones financieras tradicionales.

Le PDG de JPMorgan, Jamie Dimon, a publiquement critiqué le PDG de Coinbase, Brian Armstrong, ainsi que le CLARITY Act, affirmant que les banques n'accepteront pas la législation dans sa forme actuelle. Dimon a qualifié les efforts de lobbying d'Armstrong d'inefficaces et a exprimé des doutes quant à la possibilité d'un consensus entre les défenseurs de la crypto et les institutions financières traditionnelles.

JPMorgan CEO Jamie Dimon has publicly criticized Coinbase CEO Brian Armstrong and the CLARITY Act, stating that banks will not accept the legislation in its current form. Dimon described Armstrong's lobbying efforts as ineffective and expressed skepticism about achieving consensus between crypto advocates and traditional financial institutions.