JPMorgan's Dimon Calls Coinbase CEO 'Full of Shit' Over Stablecoin Yield Fight

JPMorgan Chase (JPM) CEO Jamie Dimon escalated a clash with Coinbase Global (COIN) CEO Brian Armstrong ahead of a Senate vote on the Clarity Act, bluntly dismissing Armstrong’s lobbying push with “He’s full of shit.” The dispute centers on whether crypto platforms should be allowed to pay interest on stablecoins, a rule that banks argue constitutes regulatory arbitrage. The bill, which passed the Senate Banking Committee in May and could reach a floor vote by early August, currently permits yields on transaction-based activities but restricts idle balances. Dimon, in a Fox Business interview on May 29, said Coinbase should apply for a bank charter if it wants to offer bank-like products. Bank trade groups warn that stablecoins could drain up to 19% of deposits, curtailing $2.7 trillion in lending, while the White House has called such fears overstated. Coinbase, which launched a USDC yield product paying 3.5%, sees interest payments as key to growth. The bill remains a top priority for President Trump, who has vowed to secure its passage.