Jamie Dimon is not a fan of Brian Armstrong’s lobbying strategy. The JPMorgan Chase CEO has taken aim at the Coinbase chief, claiming Armstrong is spending hundreds of millions of dollars trying to get the Digital Asset Market Clarity Act passed through Congress.

From Davos to the Senate floor

In late January 2026, Dimon and Armstrong reportedly had a heated exchange at Davos during a private meeting that also involved former UK Prime Minister Tony Blair. Dimon reportedly accused Armstrong of being “full of s–” in that conversation.

The trigger was stablecoins. Specifically, whether companies like Coinbase should be allowed to offer yield and rewards on stablecoin products without submitting to the full weight of bank-style regulation.

Armstrong had been publicly accusing banks of attempting to sabotage key provisions of the CLARITY Act, particularly the sections dealing with stablecoin yields and rewards. Dimon maintains that stablecoin issuers should face the same regulatory requirements as banks if they want to offer similar financial products.

The bill’s rocky journey

Coinbase actually withdrew its support for the bill in January 2026, specifically because of restrictions on stablecoin yield offerings. That withdrawal delayed Senate Banking Committee discussions.

Then, in May 2026, a compromise emerged. The new text banned passive rewards while allowing activity-based incentives, rewards tied to actually using the stablecoins for transactions or other engagement.

Armstrong publicly endorsed this version on May 1, 2026, posting “Mark it up” as a signal that Coinbase was ready for the bill to advance to committee. The Senate markup was targeted for the weeks following late May discussions.

JPMorgan continues to oppose the CLARITY Act in its current form. President Trump has added another wrinkle by criticizing banks for holding the CLARITY Act “hostage,” suggesting the political winds may be blowing in Armstrong’s direction despite Dimon’s objections.