Banks Mount Final Senate Push on Crypto Bill as Dimon Slams Coinbase Over Stablecoin Yield
Updated
Updated · POLITICO · Jun 1
Banks Mount Final Senate Push on Crypto Bill as Dimon Slams Coinbase Over Stablecoin Yield
10 articles · Updated · POLITICO · Jun 1
The fight over the Clarity Act has shifted to the full Senate after the Banking Committee advanced the bill last month, setting up banks’ last major chance to tighten limits on crypto rewards programs.
JPMorgan CEO Jamie Dimon sharpened that push Friday, blasting Coinbase CEO Brian Armstrong after Coinbase rolled out a direct-deposit feature that banks see as edging stablecoins closer to checking and savings accounts.
Wall Street groups say current compromise language still leaves loopholes that could let crypto firms offer interest-like products, draining deposits from banks and weakening local lending capacity.
Crypto backers say they already have most key senators, expect Trump to help lock down Republican support, and have dismissed bank warnings even as Democrats still demand ethics language tied to Trump’s crypto business.
The Senate floor battle has become a broader test of whether traditional banks still dominate financial policymaking in Trump’s Washington, where crypto and other financial upstarts have recently scored a string of wins.
As Wall Street fights to limit crypto rewards, why are big banks simultaneously launching their own digital currencies?
Does the Clarity Act create a new framework for finance, or just force digital assets into old banking rules?
With 'interest' banned but 'rewards' allowed, what is the real future for earning yield on digital assets?