Jamie Dimon Vows to Block Stablecoin Yield After $135M Fairshake Spend
COIN•JPMorgan CEO Jamie Dimon attacked Coinbase CEO Brian Armstrong, vowing banks 'will not accept' the Senate Banking Committee-approved Clarity Act permitting crypto exchanges to pay interest on stablecoins. Armstrong’s Fairshake super PAC spent $135 million in 2024 while banks formed new lobbying groups to oppose stablecoin yield provisions.
1. Clash Between CEOs
Jamie Dimon publicly attacked Brian Armstrong, asserting that banks 'will not accept' the Senate Banking Committee-approved Clarity Act and criticizing Armstrong’s heavy political spending on crypto legislation.
2. Clarity Act Provisions
The bill would allow crypto exchanges to pay interest on stablecoins, a feature banks say mirrors high-yield deposits without sufficient regulatory oversight.
3. Coinbase Super PAC Spending
Fairshake and two affiliate PACs spent $135 million in the 2024 election cycle, securing allies on key congressional committees overseeing crypto rules.
4. Banking Industry Lobbying
In response, major banks formed three lobbying groups late last year to intensify opposition to the stablecoin yield provisions as the Clarity Act moves through the Senate.
