JPMorgan Chase CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong at the World Economic Forum in Davos last week, accusing him of misrepresenting the role of banks in opposing parts of a major US crypto market structure bill.
Key points to remember:
- JPMorgan CEO Jamie Dimon confronted Coinbase’s Brian Armstrong in Davos over allegations that banks are undermining a US crypto bill.
- The conflict centers on stablecoin rewards, with banks arguing against yield while crypto companies argue the bans favor traditional finance.
- The market structure bill is stalled in the Senate in the face of growing political and industry resistance.
According to a Wall Street Journal report, the exchange took place during a coffee meeting between Armstrong and former British Prime Minister Tony Blair.
Dimon reportedly interrupted the discussion and told Armstrong he was “full of crap,” objecting to public comments in which the Coinbase CEO suggested banks were working behind the scenes to undermine the legislation.
Stablecoin Rewards Sparks Conflict Between Banks and Crypto Firms
The dispute centers on stablecoin provisions, particularly whether issuers should be allowed to offer yields or rewards.
Representatives of the banking sector have opposed such measures, arguing that they could blur the line between banks and non-bank financial companies.
Crypto executives, including Armstrong, have countered that banning stablecoin rewards would tip the scales in favor of traditional banks and restrict competition.
The Journal reported that Armstrong’s position left him increasingly isolated among banking industry executives.
Brian Moynihan, chief executive of Bank of America, reportedly told Armstrong that if Coinbase wanted to operate like a bank, it should become one.
JUSTIN: JPMorgan’s Jamie Dimon Tells Coinbase CEO Brian Armstrong, ‘You’re Full of Shit,’ After Armstrong Accuses Banks of Blocking Crypto-Friendly Legislation – WSJ
The bankers are getting angry
pic.twitter.com/oeS9007DEk
– Bitcoin Magazine (@BitcoinMagazine) January 30, 2026
Charlie Scharf, CEO of Wells Fargo, reportedly refused to engage in discussions with the head of Coinbase.
The clash comes as the U.S. market structure bill faces growing political and industry resistance.
The bill passed the House of Representatives in July but remained stalled in the Senate, where Democratic lawmakers have raised concerns about ethics rules and the bill’s broader impact on the financial system.
Banking and crypto industry lobbyists have also warned that certain provisions could reshape competitive dynamics in unintended ways.
Coinbase downplays banking breach as crypto bill stalls in Senate
Coinbase has sought to minimize the divide.
Policy director Faryar Shirzad told the Journal that the disagreement over stablecoin rewards is an exception in what he described as an otherwise cooperative relationship with banks, pointing to existing partnerships between the exchange and traditional financial institutions.
A Coinbase spokesperson later said the company had nothing further to add beyond these comments.
Meanwhile, progress on the bill remains uneven. The Senate Banking Committee indefinitely postponed a planned markup after Armstrong said Coinbase could not support the legislation in its current form.
In contrast, the Senate Agriculture Committee advanced its own version along party lines, paving the way for negotiations to merge the two proposals before any full Senate vote.
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