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Ripple CEO Brad Garlinghouse said JPMorgan chief executive Jamie Dimon should be clearer about his motives after Dimon criticized the Clarity Act, a pending U.S. bill intended to provide a regulatory framework for much of the crypto industry.
Garlinghouse’s comments came in response to Dimon’s remarks during an interview with Fox Business host Maria Bartiromo. Garlinghouse said Dimon’s position misrepresents what the legislation would do.
“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,” he added, adding that it was either “intentionally misrepresentation or even negligent” to try to make support for the Clarity Act go away.
Garlinghouse said Dimon’s opposition is tied to a provision that would allow crypto exchanges such as Coinbase to offer stablecoin yields—rewards to users who maintain stablecoin balances on those platforms.
According to Garlinghouse, the concern is that JPMorgan would prefer to “maintain the status quo” rather than face newly empowered competitors from the crypto sector.
“Jamie Dimon also should be clear he is trying to protect and dig a deeper moat for a business that’s extremely profitable for them,” Garlinghouse said.
The stablecoin-yield provision has been among the most contentious elements of the Clarity Act, with the banking lobby opposing it. Coinbase co-founder and CEO Brian Armstrong has argued for its inclusion and previously withdrew support for a draft of the bill that did not allow for stablecoin yields.
In a May interview, Dimon said Armstrong is the “only one” pushing for the provision and claimed Armstrong and Coinbase are spending “hundreds of millions of dollars in Washington” to secure it. Dimon later described Armstrong as “full of shit.”
Garlinghouse acknowledged that Armstrong is representing Coinbase rather than the entire crypto industry, but said “the industry wants clarity, and wants regulation.”
The Clarity Act passed an important Senate committee vote last month and is next expected to move 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%, about 18% less likely than predictions at the same point last week.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
