NEW YORK / Content Syndication Services / — JPMorgan Chase Chief Executive Jamie Dimon has renewed his criticism of proposed U.S. digital-asset legislation, saying banks would oppose the current version of the CLARITY Act because of provisions tied to stablecoin rewards and deposit-like products. Dimon’s remarks focused on regulatory protections for stablecoin balances, not a numerical Bitcoin price target, and came as Congress continues work on market structure rules for crypto trading, payments and digital-asset oversight.
Dimon said in a televised interview that he was not satisfied with the current draft of the Digital Asset Market Clarity Act, known as H.R. 3633, because he said it would allow crypto companies to offer returns resembling interest on deposits without comparable banking protections. He said banks “will not accept it that way” and warned that such a model would “eventually blow up” if permitted without the safeguards applied to regulated lenders.
The dispute centers on whether stablecoin rewards offered by digital-asset platforms should be treated like bank deposit interest. Stablecoins are crypto tokens designed to maintain a fixed value, commonly against the U.S. dollar. Coinbase offers USDC rewards to eligible customers, including Coinbase One members, while stating that USDC is redeemable one-for-one for dollars and backed by reserve assets held with regulated financial institutions.
Stablecoin rewards drive policy dispute
The Senate Banking Committee advanced the CLARITY Act on May 14, 2026, by a 15-9 vote, moving the legislation further through Congress after months of debate over digital-asset supervision. The bill is intended to create rules for digital commodities and digital securities, assign oversight roles to the Securities and Exchange Commission and the Commodity Futures Trading Commission, and set registration and compliance requirements for market participants.
A Senate section-by-section summary says the bill would prohibit covered digital-asset service providers and their affiliates from paying U.S. customers passive, deposit-like interest or yield on payment stablecoin balances. The same summary says the bill would allow bona fide activity-based or transaction-based rewards under joint rules from the SEC, CFTC and Treasury Department. That distinction has become a central issue for banks, crypto platforms and lawmakers.
Bitcoin remarks remain tied to regulation
Dimon has long been skeptical of Bitcoin and has repeatedly separated his personal views on crypto from JPMorgan Chase’s client-facing services. The bank has allowed some clients to access Bitcoin-related products while maintaining limits around custody and direct holdings. In the latest remarks, Dimon’s warning was directed at stablecoin rewards and the structure of U.S. regulation, rather than a specific forecast for Bitcoin’s price.
The comments add to a broader policy fight involving JPMorgan Chase, Coinbase, banking groups, crypto companies and federal regulators over how digital assets should fit into the U.S. financial system. The CLARITY Act remains part of Congress’s attempt to define federal responsibilities for crypto markets, with stablecoin rewards, anti-money-laundering standards, investor protections and agency jurisdiction continuing to shape the debate.