Coinbase vs. JPMorgan Feud Escalates Over the CLARITY Act
Coinbase CEO Brian Armstrong replied to JPMorgan chief Jamie Dimon’s broadside on the CLARITY Act with a hockey-themed meme that drew swift backing from throughout the crypto trade.
The viral alternate on Friday turned a regulatory struggle over stablecoin rewards right into a rallying second for digital asset leaders pushing the invoice to the Senate flooring.
Crypto Industry Closes Ranks Behind CLARITY Act
Industry leaders pushed again quick after Dimon’s CLARITY Act broadside on Fox Business Friday. Mike Novogratz of Galaxy Digital argued elected lawmakers, not banks, ought to write monetary legal guidelines.
Peter Van Valkenburgh of Coin Center identified that roughly $3 trillion was laundered by means of banks in 2025. He called Dimon’s anti-money-laundering framing nonsense.
“The second problem shouldn’t be actually associated to rewards and curiosity on stablecoins. It’s additionally about AML, BSA, KYC. Because if you find yourself in a financial institution system, it’s already been by means of all that. We try this. We should [do it] for the federal authorities. So in the event that they need to be shifting cash round… on any foundation, it is best to should query: ‘Can that be used illegitimately?’ Answer: Yes, until they’re following the similar guidelines,” Dimon had said in the interview.
Other crypto voices cited JPMorgan’s observe document of regulatory fines and settlements totaling tens of billions.
The protection got here with the Digital Asset Market Clarity Act earlier than the full Senate. It cleared the Senate Banking Committee in a 15-9 vote on May 14.
The invoice wants 60 votes on the Senate flooring earlier than returning to the House.
Armstrong’s Meme Becomes the Rally Cry
Armstrong’s poster forged Dimon as #2 for custom and himself as #1 for financial freedom. The picture went viral inside minutes.
“Heated Rivalry” can also be the title of a 2019 homosexual hockey romance novel tailored for tv in late 2025.
The meme amplified the trade’s underlying argument. Bank opposition to stablecoin yield rewards appears like incumbent protectionism, not shopper safety.
Amid the escalating feud, Coinbase now compares to Charles Schwab’s late-Seventies disruption of brokerage commissions. The comparability resonates with crypto merchants who see Coinbase eroding conventional financial institution margins.
“Coinbase is to present finance/banking what Charles Schwab was to finance/buying and selling in the late 70’s and 80’s. Schwab radically disrupted Wall Street then. Coinbase is radically disrupting Wall Street now. Schwab finally destroyed commissions and charges on transactions. Coinbase is destroying market hours, entry, tech, and margins/curiosity,” remarked Andrew, co-founder of Arch Public.
Industry figures argue the present framework already imposes Bank Secrecy Act guidelines on exchanges.
The pushback alerts a coordinated response to months of financial institution lobbying. The Senate flooring vote is predicted in June.
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