JPMorgan plans to fight Clarity Act as Dimon corners Coinbase's Armstrong at Davos with 'you are full of s—

Dimon ambushed Armstrong at his Davos coffee with Tony Blair and told him 'you are full of s—,' part of a coordinated bank push to kill the Clarity Act after Coinbase pulled support one day before the Senate Banking Committee vote. The real fight is stablecoin yield: Coinbase pays ~3.5% on stablecoins while banks pay under 0.1% on checking, and Dimon wants any issuer paying interest regulated as a bank. BoA's Moynihan and Wells Fargo's Scharf piled on ('if you want to be a bank, just be a bank'), with the White House now convening banking and crypto execs to mediate.

TLDR by @Benthic

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