Ripple CEO Brad Garlinghouse just called out JPMorgan Chase CEO Jamie Dimon for his latest jabs at the CLARITY Act.
Clash Over Crypto Regulation
He pointed out how Dimon keeps trashing the whole crypto scene for years now and twisting what this bill really means 🖤. During a chat with Fox Business host Maria Bartiromo Garlinghouse fired back at those earlier digs from Dimon who blamed Coinbase CEO Brian Armstrong for pushing the bill while claiming it would weaken money laundering safeguards and Bank Secrecy Act rules. The Ripple exec figured Dimon was either trying to tank support on purpose or just not getting the legislation straight 💀. “As much as we can talk about whether or not Brian Armstrong is representing the industry he is not; he is representing Coinbase and in certain ways he is going to look out for Coinbase’s best interest. But at the end of the day I think what Jamie Dimon did was a disservice. He’s representing that this reduces compliance concerns that it makes it easier to do bad things. That’s just not true. It’s either intentional misrepresentation or even negligent to try to make support for the Clarity Act go away.” Even at the Reagan National Economic Forum last month Dimon insisted banks would reject the bill in its current shape and went after Armstrong again. “He’s the only one and he’s spending hundreds of millions of dollars in Washington on this thing. He’s full of shit.” Economist Peter Schiff also tore into Dimon’s take noting stablecoin issuers shouldn’t get hit with the same banking regs as traditional lenders 🌑.
CLARITY Act Progress So Far
The CLARITY Act keeps moving through Congress but big banks are piling on more resistance. It sorts out which regulator handles different crypto types by splitting duties between the SEC and the CFTC to clear up the regulatory mess in the US. After clearing the House in 2025 it advanced via the Senate Banking Committee last month yet the full Senate still has debate ahead. Stablecoin yield rules remain a hot spot since banks claim they let crypto outfits offer interest-like perks without matching the usual financial rules.
Just another echo from the void by iconofsin.eth 💖
