Dimon made it clear he would fight the bill, which recently advanced through the Senate Banking Committee, and said he wasn’t afraid of its approval—rather he wanted competition to be equal.
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“We’re not worried, we think it should just be fair,” Dimon told Maria Bartiromo on Fox Business. “If [Armstrong] takes deposits like a bank, he should have bank rules.”
Dimon went on to list those requirements: Social, litigation, liquidity, capital, legal, anti-money laundering, financial reporting, transparency, and so on: “If they want to be moving money around the world, on any basis, you should ask the question: ‘Can that be used illegitimately easily?’ And the answer would be yes, unless they follow the same rules.”
Coinbase CEO Armstrong suggested the bill will benefit American consumers by making “the U.S. financial system faster, cheaper, and more accessible.” In a post on X, the crypto boss added that the act will also ensure the U.S. is at the forefront of building the next generation of financial systems.
The act has also garnered the support of White House advisors, as well as the likes of Senate Banking chairman Tim Scott, who said during a hearing for the bill that “developers, entrepreneurs and investors were left with uncertainty. They faced confusion and enforcement actions when, instead, the government should have been crafting clear rules of the road.”
However, Dimon suggested this wouldn’t ease the concerns of small banks and credit unions: “It’s not just the big guys,” he added. “We’ll fight it and if we lose, we lose, we’ll live. But it will be fought. No one’s gonna bow down to this guy or that company.”
When Bartiromo suggested that Armstrong’s view represented the crypto industry as a whole, Dimon replied, “He’s full of shit.”
Armstrong appears to be taking the criticism on the chin. After Dimon’s interview aired, he posted a doctored image on X, which shows him and Dimon in a ‘Heated Rivalry’ poster—a sports romance series that went viral earlier this year.
Coinbase has been approached for comment.
Wider opportunities
While Dimon has never been a fan of some cryptocurrencies (he famously referred to Bitcoin as a “pet rock”), that doesn’t mean he, or J.P. Morgan, are blind to the opportunity emerging from technologies like blockchain and stablecoins.
He highlighted the work of competitors like Stripe, Revolut, and PayPal, saying: “These are smart people trying to take a slice of your business … I tell my own people: ‘Open your eyes, look what they did, we didn’t do it, and some we could have.’”
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Stablecoins could have been one such technology, he added.
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