Trending Now - Jpmorgan's CEO Slams Coinbase's Armstrong Amid Crypto Bill Debate
WHO:
NewsBTC - Jamie Dimon is the CEO of JPMorgan.
NewsBTC - Brian Armstrong is the CEO of Coinbase.
Bitcoinist - President Trump has re-entered the US crypto market-structure debate.
WHAT:
NewsBTC - Dimon warned that the legislation would allow banks to earn interest on deposits, stablecoins, or related instruments “without the protection they should have.”
NewsBTC - Shares of Robinhood rose about 11% to close around $94 per share, marking the highest level since February.
NewsBTC - Coinbase's shares finished the session near $189, gaining close to 7%.
NewsBTC - The Commodity Futures Trading Commission (CFTC) announced it would allow US firms to offer perpetual futures trading.
NewsBTC - Mizuho lifted its price target for Robinhood from $110 to $115.
NewsBTC - Citizens reiterated its “market outperform” rating for Robinhood and maintained a $155 price target.
NewsBTC - Dimon stated, “It will be fought. No one’s gonna bow down to this guy, or that company,” referring to the CLARITY Act and Brian Armstrong.
NewsBTC - Dimon emphasized that the pushback against the CLARITY Act would not be limited to a single type of institution, stating, “The banks will not accept it that way.”
NewsBTC - Dimon claimed that the legislation would allow banks to earn interest on deposits, stablecoins, or related instruments “without the protection they should have.”
NewsBTC - Jamie Dimon criticized the CLARITY Act and Brian Armstrong during the Reagan National Economic Forum.
NewsBTC - Dimon stated that banks “will not accept” the CLARITY Act in its current form.
NewsBTC - Dimon described Armstrong as “full of shit” and claimed he is spending “hundreds of millions of dollars in Washington” on the CLARITY Act.
Bitcoinist - President Trump stated his administration will codify a “future-proof” framework for digital assets.
WHERE:
NewsBTC - The comments from Jamie Dimon were made at the Reagan National Economic Forum.
WHEN:
NewsBTC - The Senate Banking Committee approved its portion of the CLARITY Act earlier in the month.
NewsBTC - The Agriculture Committee successfully voted on its version of the legislation in January.
WHY:
NewsBTC - Dimon argued that the CLARITY Act fails to address anti-money laundering (AML) and Bank Secrecy Act requirements sufficiently, stating, “It does not do anything for AML/BSA.”
NewsBTC - Dimon argued that the CLARITY Act contains fundamental problems, including insufficient protections for banks regarding interest on deposits and inadequate anti-money laundering measures.
NewsBTC - Dimon suggested that efforts by crypto proponents are unlikely to produce a broad consensus with traditional financial institutions.
HOW:
NewsBTC - The CFTC issued a no-action letter to Coinbase, permitting its US customers to access options and perpetuals already offered by the company.
NewsBTC - Dimon indicated that the pushback against the CLARITY Act would not be limited to a single type of institution, stating that banks of different sizes would oppose it.
(UPDATED May 30, 2026 01:34 UTC)
In a significant development, the Commodity Futures Trading Commission announced it would allow US firms to offer perpetual futures trading, issuing a no-action letter to Coinbase that permits its US customers to access options and perpetuals already available. Meanwhile, shares of Robinhood surged about 11% to close around $94 per share, reaching their highest level since February, while Mizuho raised its price target for the company from $110 to $115, with Citizens maintaining a “market outperform” rating and a $155 target. Additionally, Coinbase's shares finished the session near $189, gaining close to 7%.
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(UPDATED May 29, 2026 23:22 UTC)
Jamie Dimon has made it clear that there will be strong resistance to the CLARITY Act, asserting, “No one’s gonna bow down to this guy, or that company,” in reference to Brian Armstrong. He emphasized that the opposition will come from various institutions, insisting, “The banks will not accept it that way,” and raised concerns that the legislation could allow banks to earn interest on deposits and stablecoins without adequate protections. Dimon further criticized the Act for not sufficiently addressing anti-money laundering and Bank Secrecy Act requirements, stating, “It does not do anything for AML/BSA.”
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(UPDATED May 29, 2026 21:34 UTC)
President Trump has re-entered the debate over U.S. crypto market structure, announcing plans for his administration to codify a “future-proof” framework for digital assets. At the Reagan National Economic Forum, JPMorgan CEO Jamie Dimon criticized the CLARITY Act and Coinbase CEO Brian Armstrong, claiming that banks “will not accept” the legislation in its current form and describing Armstrong as “full of shit.” Dimon also highlighted fundamental issues with the CLARITY Act, including inadequate protections for banks and insufficient anti-money laundering measures, suggesting that a broad consensus between crypto advocates and traditional financial institutions is unlikely.