Coinbase and JPMorgan CEO slam each other over new crypto bill

In the coming weeks, the US Senate will vote on a new crypto law (the so-called Clarity Act) which would allow companies like Coinbase to offer accounts with an annual return comparable to savings accounts at traditional banks. The difference is that Coinbase will be able to do this without having to comply with the regulations that traditional financial institutions on Wall Street are required to adhere to. Jamie Dimon, CEO of JPMorgan, warns that this could spell the end of the traditional banking sector.

Trump

The family of current US President Trump is widely invested in everything related to digital currencies and Bitcoin, and crypto companies are therefore major donors to Trump’s MidTerms campaign; in return, however, they ask that Trump ensures the Clarity Act gets approved by the Senate.

This is against the wishes of the banking sector on Wall Street, which fears a reduction of its own business. Jamie Dimon, arguably the most famous Wall Street CEO of the American investment bank JP Morgan, is against that law getting passed.

Brian Armstrong, CEO of crypto platform Coinbase, and Dimon are now fighting it out on social media.

https://t.co/T5cMfPPji5 pic.twitter.com/VGwsfF0qCT

— Brian Armstrong (@brian_armstrong) May 29, 2026

Jamie Dimon admits that stablecoins definitely have a future, but that offering savings accounts should remain a business for banks and not for crypto. Furthermore, he declared on Fox News that Armstrong is ‘full of shit.’ The Coinbase boss retorted with an AI image of Dimon and himself as the main characters in ‘Heated Rivalry,’ a popular ice hockey series.

Clearly, the last word on this issue has not yet been spoken.