Coinbase CEO Brian Armstrong replied to JPMorgan chief Jamie Dimon’s broadside on the CLARITY Act with a hockey-themed meme that drew swift backing from throughout the crypto business.
The viral alternate on Friday turned a regulatory battle over stablecoin rewards right into a rallying second for digital asset leaders pushing the invoice to the Senate flooring.
Crypto Business Closes Ranks Behind CLARITY Act
Business leaders pushed again quick after Dimon’s CLARITY Act broadside on Fox Enterprise Friday. Mike Novogratz of Galaxy Digital argued elected lawmakers, not banks, ought to write monetary legal guidelines.
Peter Van Valkenburgh of Coin Middle identified that roughly $3 trillion was laundered via banks in 2025. He referred to as Dimon’s anti-money-laundering framing nonsense.
“The second situation just isn’t actually associated to rewards and curiosity on stablecoins. It’s additionally about AML, BSA, KYC. As a result of if you find yourself in a financial institution system, it’s already been via all that. We try this. We have now to [do it] for the federal authorities. So in the event that they wish to be shifting cash round… on any foundation, you must need to query: ‘Can that be used illegitimately?’ Reply: Sure, except they’re following the identical guidelines,” Dimon had stated within the interview.
Different crypto voices cited JPMorgan’s observe document of regulatory fines and settlements totaling tens of billions.
The protection got here with the Digital Asset Market Readability Act earlier than the complete Senate. It cleared the Senate Banking Committee in a 15-9 vote on Might 14.
The invoice wants 60 votes on the Senate flooring earlier than returning to the Home.
Armstrong’s Meme Turns into the Rally Cry
Armstrong’s poster forged Dimon as #2 for custom and himself as #1 for financial freedom. The picture went viral inside minutes.
“Heated Rivalry” can also be the title of a 2019 homosexual hockey romance novel tailored for tv in late 2025.
The meme amplified the business’s underlying argument. Financial institution opposition to stablecoin yield rewards appears like incumbent protectionism, not shopper safety.
Amid the escalating feud, Coinbase now compares to Charles Schwab’s late-Seventies disruption of brokerage commissions. The comparability resonates with crypto merchants who see Coinbase eroding conventional financial institution margins.
“Coinbase is to present finance/banking what Charles Schwab was to finance/buying and selling within the late 70’s and 80’s. Schwab radically disrupted Wall Road then. Coinbase is radically disrupting Wall Road now. Schwab finally destroyed commissions and charges on transactions. Coinbase is destroying market hours, entry, tech, and margins/curiosity,” remarked Andrew, co-founder of Arch Public.
Business figures argue the present framework already imposes Financial institution Secrecy Act guidelines on exchanges.
The pushback indicators a coordinated response to months of financial institution lobbying. The Senate flooring vote is anticipated in June.
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