JPMorgan CEO Jamie Dimon calls Coinbase CEO 'full of shit' over crypto Clarity Act, drawing rebuke from Sen. Lummis

May 29, 2026

JPMorgan CEO Jamie Dimon escalated a fight over the crypto Clarity Act, calling Coinbase CEO Brian Armstrong "full of shit." Dimon argues the bill lets crypto firms act like banks without proper AML/BSA rules. Sen. Cynthia Lummis rebuked Dimon's "distasteful" remarks, stating the rules are in the bill. The conflict highlights the battle between traditional finance and the crypto industry over regulation.

Dimon criticism of Clarity Act

▪JPMorgan Chase CEO Jamie Dimon called Coinbase CEO Brian Armstrong "full of shit" in a discussion about the Clarity Act.
▪Jamie Dimon contended the Clarity Act does not adequately address Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) requirements.
▪Jamie Dimon argued the Clarity Act allows crypto firms to pay interest on deposits without the protections that banks are required to have.
▪Jamie Dimon stated that the banking industry, including the American Bankers Association, small banks, and credit unions, will fight the Clarity Act.

Clarity Act regulatory framework debate

▪The crypto industry supports the Clarity Act for providing predictable oversight and allowing exchanges to offer interest-like payments on deposits.
▪The Clarity Act is federal legislation designed to establish a regulatory framework for cryptocurrencies.

Banking versus crypto exchange rules

▪The banking lobby has worked to oppose or change the Clarity Act to prevent crypto platforms from rewarding users for holding stablecoins.
▪Jamie Dimon stated that if crypto exchanges like Coinbase take deposits, they should be subject to the same rules as banks, including those for capital and liquidity.

Political support for crypto legislation

▪Sen. Cynthia Lummis asserted that Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) rules are included in the Clarity Act and apply to digital assets.
▪Sen. Cynthia Lummis called Jamie Dimon's remarks "distasteful" and suggested he either has not read the Clarity Act or is trying to mislead people.
▪Coinbase is considered one of the largest political donors from the crypto industry.

JPMorgan blockchain technology opportunities

▪JPMorgan CEO Jamie Dimon has previously referred to Bitcoin as a "pet rock."
▪Despite his criticism of some cryptocurrencies, Jamie Dimon has acknowledged the opportunity in technologies like blockchain and stablecoins.

Armstrong public response to Dimon

▪Coinbase's Chief Policy Officer, Faryar Shirzad, responded by calling for the Senate to bring the CLARITY Act to the floor for a vote.
▪After Jamie Dimon's comments, Coinbase CEO Brian Armstrong posted a doctored image on X depicting them as characters in a "Heated Rivalry" romance series.