Dimon Calls Coinbase CEO ‘Full of Bull,’ Vows Bank Fight on Digital Asset Bill

JPMorgan Chase CEO Jamie Dimon escalated his feud with Coinbase CEO Brian Armstrong on May 29, 2026, saying the crypto executive is “full of bull” and warning that large U.S. banks will oppose the Clarity Act as currently written. The bipartisan legislation aims to establish a regulatory framework for digital assets. Dimon argued that platforms like Coinbase must face the same regulatory standards as banks. He criticized Armstrong’s political spending, noting Coinbase’s super PAC holds about $193 million after injecting $75 million during the 2024 election cycle. “Nobody is going to bow down to this guy,” Dimon said, referring to the lobbying push. The core dispute centers on whether crypto exchanges can pay interest to stablecoin holders. Coinbase offers roughly 3.5% yields on dollar-pegged coins like USDC, far above near-zero bank checking rates. Banks warn such payments would create “fake deposits” with no consumer protections, draining deposits from community lenders and depriving them of funds for local business loans. Senate Banking Committee Chair Tim Scott said the bill favors neither traditional finance nor emerging tech.