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JPMorgan Chase CEO Jamie Dimon said Friday that JPMorgan and other banks plan to oppose the Clarity Act as currently written, citing concerns over stablecoin rewards and weak legal protections.
What's the Scoop?
- Dimon’s Opposition: The Block reported that, in a Fox Business interview, Jamie Dimon said he is unhappy with the CLARITY Act and that banks “will not accept it” in its current form. His core objection is that the bill lets crypto firms offer stablecoin rewards without bank-style protections, while also falling short on AML and Bank Secrecy Act requirements.
- The Stablecoin Rewards Fight: The fight banks and crypto firms were supposed to have resolved weeks ago still appears live. Banks argue rewards on stablecoin holdings could accelerate deposit flight, while crypto firms argue they should be allowed to reward users without being treated like banks.
- Committee Passage: CLARITY cleared the Senate Banking Committee on May 14 in a 15-9 vote, with all Republicans and two Democrats crossing party lines to back it. That sent the bill to the full Senate, but not to a scheduled floor vote.
- The Closing Window: Despite clearing committee, CLARITY continues to face adversity. Banks are now expected to lobby senators directly, no Senate floor vote has been scheduled, and the window for passage is narrowing as the summer recess and 2026 midterms approach.
