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 Armstrongs 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 hes the only one,