Ripple CEO Brad Garlinghouse has launched a sharp attack on JPMorgan Chase CEO Jamie Dimon, accusing him of deliberately misrepresenting the CLARITY Act—a proposed U.S. regulatory framework for digital assets—to shield his bank’s highly profitable payments business. Speaking on Fox Business, Garlinghouse said Dimon’s warning that the bill could weaken compliance and create room for fraudsters is “either intentionally misrepresentation or even negligent,” and argued that the JPMorgan chief is protecting a status quo that has generated over $20 billion in revenue and $5 billion in profit from payments.
The dispute centers on whether the CLARITY Act would foster innovation or undermine safeguards. Dimon has repeatedly criticized a provision allowing crypto exchanges like Coinbase to offer stablecoin yields—a move he views as dangerous. CFTC Chairman Michael Selig has defended the bill, stating that Dimon misreads its intent, which is to provide investor protection and prevent further offshoring of digital asset markets. Garlinghouse highlighted that about 90% of digital asset trading volume has already moved outside the United States, leaving consumers exposed and ceding ground to foreign rivals.
The tension is part of a broader battle over who will build the next financial infrastructure. While Dimon labeled Coinbase CEO Brian Armstrong “full of shit” for pushing stablecoin yields, Garlinghouse acknowledged Armstrong’s narrow corporate interest but emphasized that the crypto industry broadly seeks regulatory clarity. Ripple itself is increasingly focused on corporate clients—banks, brokers, CFOs—and is developing liquidity tools, its RLUSD stablecoin, and an AI Starter Kit for autonomous payments on the XRP Ledger. The bill, having passed a key Senate committee, now faces a tight legislative calendar with just 16 days before the August recess. Polymarket odds of it becoming law this year have slipped to 47%.
Garlinghouse framed the legislation not merely as a regulatory document but as a business bridge that could bring crypto from courtroom battles into mainstream corporate finance—if legal certainty arrives before the window closes.
