NEW YORK — J.P. Morgan CEO Jamie Dimon criticized Coinbase CEO Brian Armstrong and expressed opposition to the Clarity Act during an interview with Maria Bartiromo on Fox Business on April 5, 2025. Dimon called Armstrong “full of shit” during the interview.
Dimon argued that if crypto firms like Coinbase operate like banks by accepting deposits, they should be subject to the same regulatory requirements. “We’re not worried, we think it should just be fair. If [Armstrong] takes deposits like a bank, he should have bank rules,” Dimon said. He added that companies moving money globally should comply with the same standards as banks on anti-money laundering, capital, liquidity, legal, social, litigation, financial reporting, and transparency matters.
The Clarity Act, which recently advanced through the Senate Banking Committee, aims to create a clearer regulatory framework for digital asset firms. Dimon said he and other banks intend to oppose the legislation, stating, “No one’s gonna bow down to this guy or that company.” He emphasized that concerns about the bill are shared not only by major banks but also by small banks and credit unions.
Banks have warned that the Clarity Act does not sufficiently protect consumers and leaves unresolved questions about where customer funds would be stored or guaranteed if crypto exchanges are permitted to accept deposits like traditional banks. The bill has drawn support from White House advisors and Senate Banking Committee Chairman Tim Scott, who said during a hearing that “developers, entrepreneurs and investors were left with uncertainty. They faced confusion and enforcement actions when, instead, the government should have been crafting clear rules of the road.”
Armstrong has defended the legislation, saying it will make “the U.S. financial system faster, cheaper, and more accessible” for American consumers. He also posted on X that the bill will position the U.S. as a leader in building next-generation financial infrastructure. Following Dimon’s remarks, Armstrong shared a doctored image on X depicting himself and Dimon in a mock “Heated Rivalry” poster.
While critical of crypto assets—he has previously called Bitcoin a “pet rock”—Dimon acknowledged that J.P. Morgan sees potential in blockchain and stablecoins. He cited firms like Stripe, Revolut, and PayPal as “smart people trying to take a slice of your business,” and urged his employees to “open your eyes, look what they did, we didn’t do it, and some we could have.”