Coinbase CEO Brian Armstrong fired back at JPMorgan Chase CEO Jamie Dimon’s broadside against the CLARITY Act, telling Politico it was “kind of sad” to hear Dimon call the crypto legislation “full of shit.” Armstrong said he respects Dimon personally but was caught off guard by the banker’s blunt dismissal.
What Armstrong Said
In the interview published this week, Armstrong argued the CLARITY Act isn’t a crypto-only power play — it would give traditional banks a clearer regulatory path too. That’s why Dimon’s hostility surprised him. “He said things are going nowhere. I think he’s mistaken,” Armstrong said. He framed the debate as a test of whether lawmakers can actually finish the bill, not a win-or-lose game for one side.
Dimon’s Objections
Dimon hasn’t held back. He told reporters earlier this month that banks “will not accept” the CLARITY Act in its current form. He also claimed someone tied to the lobbying push is spending “hundreds of millions of dollars in Washington” to get it passed. Traditional finance, Dimon argued, isn’t likely to rally behind crypto-friendly legislation.
Slim Odds on Capitol Hill
JPMorgan’s own analysts poured cold water on the bill’s chances. In a note to clients, they said the odds of the CLARITY Act clearing Congress and landing on President Trump’s desk this year are low. The reasons: midterm election distractions, a live debate over stablecoin yields that’s splitting lawmakers, and a specific ethics provision tied to Trump’s industry ties that’s proving hard to navigate.
What Comes Next
The clock is the real enemy here. Congress has a packed calendar ahead of the midterms, and the ethics provision is a stubborn sticking point. Armstrong insists the question isn’t whether crypto or banks “win” — it’s whether lawmakers can write a bill that actually passes. That answer may not come until 2027.
