Jamie Dimon criticizes Brian Armstrong over clarity act

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JPMorgan Chase CEO Jamie Dimon sharply criticized Coinbase CEO Brian Armstrong on Friday over provisions in the Digital Asset Market Clarity Act. Dimon warned that the bill's approach to stablecoin rewards could lead to failure without stronger bank-style protections.

In an interview with Maria Bartiromo on Fox Business, Dimon said the current draft allows stablecoin issuers to pay interest on deposits without required safeguards. He stated that banks will not accept the framework and predicted it would eventually blow up if unchanged.

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