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JPMorgan’s Dimon Tells Coinbase’s Armstrong to Stop “Lying” About Crypto Bill

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JPMorgan Chase CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong on the World Economic Forum in Davos final week, accusing him of misrepresenting banks’ position in opposing elements of a serious US crypto market construction invoice.

Key Takeaways:

  • JPMorgan CEO Jamie Dimon confronted Coinbase’s Brian Armstrong at Davos over claims banks are undermining a US crypto invoice.
  • The conflict facilities on stablecoin rewards, with banks opposing yield whereas crypto companies argue bans favor conventional finance.
  • The market construction invoice has stalled within the Senate amid rising political and business resistance.

According to a report from The Wall Street Journal, the change occurred throughout a espresso assembly between Armstrong and former UK Prime Minister Tony Blair.

Dimon reportedly interrupted the dialogue and advised Armstrong he was “stuffed with s—,” objecting to public feedback by which the Coinbase CEO instructed banks had been working behind the scenes to undermine the laws.

Stablecoin Rewards Spark Clash Between Banks and Crypto Firms

The dispute facilities on provisions associated to stablecoins, significantly whether or not issuers ought to be allowed to provide yield or rewards.

Banking business representatives have opposed such measures, arguing they might blur the road between banks and non-bank monetary companies.

Crypto executives, together with Armstrong, have countered that banning stablecoin rewards would tilt the enjoying subject in favor of conventional banks and prohibit competitors.

The Journal reported that Armstrong’s stance has left him more and more remoted amongst banking leaders.

Brian Moynihan, chief government of Bank of America, allegedly advised Armstrong that if Coinbase desires to function like a financial institution, it ought to grow to be one.

Charlie Scharf, CEO of Wells Fargo, reportedly declined to interact in discussions with the Coinbase chief altogether.

The conflict comes because the US market construction invoice faces mounting political and business resistance.

The laws handed the House of Representatives in July however has stalled within the Senate, the place Democratic lawmakers have raised issues over ethics guidelines and the invoice’s broader influence on the monetary system.

Lobbyists from each the banking and crypto sectors have additionally warned that sure provisions might reshape aggressive dynamics in unintended methods.

Coinbase Plays Down Bank Rift as Crypto Bill Stalls in Senate

Coinbase has sought to downplay the rift.

Chief coverage officer Faryar Shirzad advised the Journal that the disagreement over stablecoin rewards is an outlier in what he described as an in any other case cooperative relationship with banks, pointing to current partnerships between the change and conventional monetary establishments.

A Coinbase spokesperson later mentioned the corporate had nothing additional to add past these feedback.

Meanwhile, progress on the invoice stays uneven. The Senate Banking Committee indefinitely postponed a planned markup after Armstrong mentioned Coinbase couldn’t help the laws in its present type.

In distinction, the Senate Agriculture Committee advanced its own version along party lines, setting the stage for negotiations to merge the 2 proposals earlier than any full Senate vote.

The publish JPMorgan’s Dimon Tells Coinbase’s Armstrong to Stop “Lying” About Crypto Bill appeared first on Cryptonews.

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