Dimon of JPMorgan Urges Coinbase’s Armstrong to Cease “Lying” Regarding Crypto Legislation

JPMorgan Chase’s CEO Jamie Dimon confronted Coinbase’s CEO Brian Armstrong at the World Economic Forum in Davos last week, accusing him of inaccurately portraying the role of banks in opposing certain aspects of a significant US crypto market structure bill.

Key Takeaways:

• JPMorgan’s Jamie Dimon challenged Coinbase’s Brian Armstrong at Davos regarding assertions that banks are sabotaging a US crypto bill.
• The disagreement revolves around stablecoin rewards, with banks opposing yields while crypto companies contend that bans favor traditional finance.
• The market structure bill has encountered delays in the Senate due to increasing political and industry pushback.

As reported by The Wall Street Journal, the altercation occurred during a coffee meeting between Armstrong and former UK Prime Minister Tony Blair.

Dimon reportedly interrupted their conversation, telling Armstrong he was “full of s—,” in response to public remarks where the Coinbase CEO implied that banks were secretly working to undermine the legislation.

Stablecoin Rewards Ignite Controversy Between Banks and Crypto Companies

The contention focuses on provisions concerning stablecoins, especially regarding whether issuers should be permitted to offer yields or rewards.

Representatives from the banking sector have opposed such initiatives, claiming they could blur the distinctions between banks and non-bank financial entities.

Crypto leaders, including Armstrong, have argued that prohibiting stablecoin rewards would unfairly advantage traditional banks and limit competition.

The Journal noted that Armstrong’s position has increasingly isolated him among banking executives.

Brian Moynihan, CEO of Bank of America, reportedly advised Armstrong that if Coinbase wishes to function like a bank, it should become one.

JUST IN: JPMorgan’s Jamie Dimon told Coinbase CEO Brian Armstrong, “You are full of sh*t,” after Armstrong accused banks of blocking crypto-friendly legislation — WSJ
The bankers are getting mad pic.twitter.com/oeS9007DEk

— Bitcoin Magazine (@BitcoinMagazine) January 30, 2026

Charlie Scharf, CEO of Wells Fargo, reportedly chose not to engage in conversations with the Coinbase leader altogether.

This dispute arises as the US market structure bill encounters increasing political and industry opposition.

The legislation successfully passed the House of Representatives in July but has stalled in the Senate, where Democratic lawmakers have expressed concerns regarding ethics rules and the broader implications of the bill on the financial system.

Lobbyists from both the banking and crypto industries have also cautioned that certain provisions could inadvertently alter competitive dynamics.

Coinbase Minimizes Bank Dispute as Crypto Bill Faces Delays in Senate

Coinbase has attempted to minimize the disagreement.

Chief policy officer Faryar Shirzad informed the Journal that the contention over stablecoin rewards is an exception in what he described as an otherwise collaborative relationship with banks, highlighting existing partnerships between the exchange and traditional financial institutions.

A Coinbase spokesperson later stated that the company had no additional comments beyond those remarks.

Meanwhile, progress on the bill continues to be inconsistent. The Senate Banking Committee has indefinitely postponed a planned markup after Armstrong indicated that Coinbase could not back the legislation in its current state.

In contrast, the Senate Agriculture Committee advanced its own version along party lines, paving the way for negotiations to reconcile the two proposals before any comprehensive Senate vote.

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