Dimon: JPMorgan Will Fight CLARITY Act Stablecoin Rules

Jamie Dimon told the Reagan National Economic Forum that JPMorgan and other banks will oppose parts of the CLARITY Act that he says could let stablecoin issuers operate like banks without comparable oversight.

Dimon argued the legislation, as drafted, could permit stablecoin firms to offer deposit-like services or interest-style rewards without meeting bank standards for liquidity, capital, anti-money-laundering controls, reporting and consumer protections.

He raised specific concerns about enforcement of AML and KYC requirements and competition from stablecoin-linked deposits. Dimon pointed to crypto platforms and their leaders as potential beneficiaries of the framework, singling out Coinbase and CEO Brian Armstrong when discussing firms that might fall into that category.

“If he takes deposits like a bank, he should have bank rules,” Dimon said at the forum, repeating his view that entities performing payment or deposit functions should meet equivalent regulatory obligations.

When asked whether he supported the current direction of the CLARITY Act, he replied, “No. The banks will not accept it that way.” He added, “We’ll fight it. If we lose, we lose, and we’ll live.” He also described blockchain as a “legitimate technology” and noted that stablecoins can be useful for some services.

JPMorgan already uses blockchain-based systems in parts of its business, including JPM Coin and deposit-token infrastructure for institutional settlement. Dimon framed his objections as a call for regulatory parity rather than a demand to ban crypto products, saying, “I believe it’s a free country.”

The comments come as Congress considers the CLARITY Act, which advanced through a key Senate markup earlier this month. Lawmakers are debating whether stablecoin issuers should be regulated as banks, designated as financial market utilities, or placed under a distinct digital-asset framework, and how consumer protections and AML safeguards should be enforced.

Banks have signaled they will push back if the final law exempts platforms that perform bank-like functions from existing banking rules or creates competitive imbalances between traditional banks and crypto firms. Dimon’s remarks add to an ongoing debate among lawmakers, banks, fintech companies and crypto platforms about the future rules for payments and deposits involving stablecoins.