JPMorgan CEO says banks will continue fighting against CLARITY bill

Jamie Dimon, the CEO of banking and financial services giant JPMorgan, said that the banking industry would continue to “fight” against the current version of the Digital Asset Market Clarity Act (CLARITY), a crypto market structure bill in the United States. 

Dimon told Fox Business that the latest version of the bill “effectively” allows crypto companies to pay interest on user deposits and stablecoin balances.

The bill also fails to impose the same Anti-Money Laundering (AML) provisions, sanctions regulations outlined in the Bank Secrecy Act (BSA), and capital reserve requirements that banks must follow on crypto service providers, he said. 

“The banks will not accept it that way,” Dimon continued, adding that if crypto companies want to offer yield-bearing products to customers, they should apply for banking charters. 

Jamie Dimon says the banking industry will continue to oppose the CLARITY market-structure bill. Source: Fox Business

Dimon was critical of Coinbase and CEO Brian Armstrong’s role in the ongoing negotiations between the crypto industry and the banking lobby. He said:

“We will fight it, if we lose, we lose, and we will live, okay? But it will be fought. No one is going to bow down to this guy or that company, and he's the only one, and he's spending hundreds of millions of dollars on this thing in Washington.”

The comments followed a markup of the CLARITY bill in the Senate Banking Committee, which voted to advance it in May. It must still pass in both chambers of Congress and be signed by US President Donald Trump to take effect.

Related: Trump claims he can ‘future-proof’ crypto regulation with CLARITY Act

Hopes of passing the bill soar after markup, but it's far from a done deal

Following the bill’s markup in May, the odds of its passage into law by the end of 2026 surged to about 68% on the Polymarket prediction platform.

The odds of the CLARITY Act being signed into law in 2026. Source: Polymarket

However, those odds have since fallen to 59% on Polymarket.

Despite Senate Banking Committee Chairman Tim Scott characterizing the bill markup as “bipartisan,” only two Democratic lawmakers voted alongside Republicans to advance the bill.

The lack of robust bipartisan support could mean the bill will face resistance on the Senate floor, delaying its passage into law. 

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