‘He’s full of s--t’: JPMorgan’s Dimon rips Coinbase CEO, escalates fight over crypto bill - POLITICO

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‘He’s full of s--t’: JPMorgan’s Dimon rips Coinbase CEO, escalates fight over crypto bill<br>The JPMorgan Chase CEO said banks of all sizes oppose a landmark crypto bill under consideration in the Senate and will not “bow down” to ascendant crypto players.

JPMorgan Chase CEO Jamie Dimon said the banking industry will fight a crypto bill when it comes to the Senate floor for a vote. | Pool photo by Michel Euler

By Aiden Reiter05/29/2026 02:52 PM EDTUpdated: 05/29/2026 04:45 PM EDT

JPMorgan Chase CEO Jamie Dimon said on Friday that banks “will not accept” the current form of a landmark crypto bill, which could be voted on in the coming weeks, and publicly attacked Coinbase CEO Brian Armstrong, who is broadly seen as the leader of the crypto industry’s lobbying efforts.<br>“It will be fought. No one’s gonna bow down to this guy, or that company. ... He’s the only one and he’s spending hundreds of millions of dollars in Washington on this thing,” Dimon said in an interview at the Reagan National Economic Forum. “He’s full of shit.”

The bill, which aims to create a federal regulatory framework for cryptocurrencies, advanced out of the Senate Banking Committee earlier in May over the vocal objections of the banking industry. Banks oppose the bill over concerns that it allows crypto companies to offer rewards programs that pay annual percentage yield, mimicking interest-bearing bank accounts without having to comply with regulations that traditional financial institutions must follow.

Senators once seen as sympathetic to bank priorities brushed off their complaints, raising broader worries that traditional finance has lost its sway in Washington. The crypto industry has meanwhile spent massive amounts in political campaigns and lobbied aggressively to gain support for its policy agenda.<br>Dimon said the bill, which has been a priority for the White House, is riddled with issues, and will be fought when it comes to the Senate floor.<br>“It allows them to effectively pay interest on deposits, stablecoins or something like that, without the protection they should have. And it does not do anything for AML/BSA,” he said, referring to compliance with anti-money laundering and Bank Secrecy Act rules.<br>As the bill came closer to a vote in the Senate Banking Committee in May, internal rifts between the banks started to emerge. Large depositors, such as JPMorgan Chase, remained strongly opposed. Other banks, which draw more of their revenue from activities like trading and are less threatened by competition from crypto platforms, were more willing to overlook the yield issue, according to industry insiders.<br>Dimon emphasized that all the banks are united in fighting the legislation in its current form.<br>“The banks will not accept it that way,” Dimon said. “The ABA [American Bankers Association], the small banks, the credit unions. It’s not just the big guys.”<br>Earlier in the week, Armstrong posted on X that Coinbase will offer a product that pays yield on deposits. Dimon was incensed at the “audacity” of Armstrong’s company to offer a yield-bearing product amid the ongoing negotiations, said a person familiar with Dimon’s thinking, who was granted anonymity to discuss private conversations.<br>The Senate has not indicated a timeline for putting the bill up for a floor vote. A number of other issues remain unresolved in the legislation. Dimon did acknowledge that victory was not guaranteed.<br>“We’ll fight it. If we lose, we lose. We’ll live,” he said.<br>JPMorgan Chase declined to offer additional comments.<br>“At the end of the day, we all share the same goal: improving the financial lives of Americans. Millions of Americans believe this includes preserving rewards programs and passing clear rules that protect consumers while keeping America at the forefront of financial innovation. It’s time for the Senate to bring the CLARITY Act to the floor,” said Coinbase Chief Policy Officer Faryar Shirzad, when asked about Dimon’s comments.<br>Later in the day, Armstrong posted a doctored image showing Dimon and him as the main characters in “Heated Rivalry,” a popular series with a homoerotic enemies to lovers storyline.

Filed Under: Banking<br>JPMorgan Chase<br>Jamie Dimon<br>Finance & Tax<br>Cryptocurrency

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