Garlinghouse Slams Dimon Over Misrepresentation of CLARITY Act

Ripple CEO Brad Garlinghouse has accused JPMorgan Chase CEO Jamie Dimon of intentionally misrepresenting the CLARITY Act, a proposed Senate bill aimed at establishing a comprehensive regulatory framework for U.S. digital assets.

Garlinghouse made his accusation on Fox Business, stating that Dimon's statements were 'intentional misrepresentation' or 'negligent.' He claimed that Dimon is trying to protect JPMorgan's payments business, which generates roughly $20 billion in annual revenue and over $5 billion in profit.

The CLARITY Act would clarify which regulator oversees different types of crypto tokens, and supporters argue it would end enforcement-driven oversight and attract institutional investment. However, Dimon has warned that the bill weakens anti-money-laundering and Bank Secrecy Act protections, and that crypto firms offering yield on stablecoins should face bank-level regulation.

Garlinghouse pushed back against Dimon's stance, stating that 'the industry wants clarity, and wants regulation.' He also pointed out the contradiction in JPMorgan running its own blockchain projects while opposing the CLARITY Act.