Garlinghouse Dimon Clash Heats Up Over CLARITY Act

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Garlinghouse spoke during a live segment on Fox Business’s “Mornings with Maria,” hosted by Maria Bartiromo. The remarks aired around 9:42 a.m. ET. You can watch the original Fox Business clip here.

What Garlinghouse Said on Fox Business

Garlinghouse responded to Dimon’s late-May criticism of the CLARITY Act. So he came out swinging on three fronts.

First, he accused Dimon of a long pattern. “Jamie Dimon has been dismissing this industry for a DECADE,” Garlinghouse said. “He’s called it a Ponzi scheme, he’s called Bitcoin a pet rock.”

Second, he pointed at the bank’s bottom line. “JP Morgan generates $20 BILLION of revenue from their payments business,” he said. As a result, he argued, Dimon wants to keep that unit “extremely profitable.”

Third, he challenged how Dimon framed the bill. “He did a DISSERVICE when representing that the Clarity Act makes it easier to do bad things,” Garlinghouse said. “And that’s just not true.” According to Decrypt, he called the framing either “intentional misrepresentation” or negligence.

“Jamie Dimon has been dismissing this industry for a DECADE. He’s called it a Ponzi scheme, he’s called Bitcoin a pet rock.”

“JP Morgan generates $20 BILLION of revenue from their payments business.. So its clear he is trying keep them extremely profitable”

“He did a DISSERVICE when representing that Clarity Act makes it easier to do bad things. And that’s just not true”

Why Dimon Attacked the Bill in May

This fight did not start on June 11. Instead, it traces back to Dimon’s own Fox Business appearance in late May.

During that segment, Dimon ripped the CLARITY Act and its stablecoin provisions. He also criticized Coinbase CEO Brian Armstrong and warned that banks “will not accept it that way.”

His worries centered on stablecoin yields, deposit competition, and weak anti-money-laundering safeguards. So Garlinghouse’s June rebuttal answered those points head-on.

Dimon’s Decade of Crypto Dismissal

Garlinghouse’s “decade” line has a clear paper trail. Dimon has criticized crypto for years.

Back in 2017, Dimon called Bitcoin a “fraud” worse than tulip bulbs. Then in 2022, he told Congress that crypto tokens were “decentralized Ponzi schemes,” a moment captured in C-SPAN footage.

In January 2023, he sharpened the attack again. “Bitcoin itself is a hyped-up fraud, it’s a pet rock,” Dimon said on CNBC, per MarketWatch. Still, he has praised blockchain technology itself.

The $20 Billion Payments Question

Garlinghouse’s central charge is about money. In short, he says Dimon defends crypto skepticism to protect a legacy cash machine.

The numbers roughly back the framing. JPMorgan’s payments unit booked about $19.4 billion in revenue for full-year 2025, a record for the division. That figure is close to the “$20 billion” Garlinghouse cited.

That business runs on wires, ACH transfers, real-time payments, and cross-border services. By contrast, crypto rails such as Ripple’s On-Demand Liquidity and stablecoins promise faster, cheaper, around-the-clock settlement. So critics frame Dimon’s stance as guarding a “deeper moat” against disruption.

What the CLARITY Act Actually Does

The CLARITY Act sits at the center of this fight. Formally the Digital Asset Market Clarity Act, it would set a federal market structure for crypto.

The bill splits oversight between two regulators. The CFTC would handle most “digital commodities,” while the SEC would keep authority over security tokens. You can read the full H.R. 3633 text on Congress.gov.

The House passed the bill in July 2025 with bipartisan support. Then in May 2026, the Senate Banking Committee advanced substitute text focused on illicit finance, developer protections, and stablecoin rules. For now, the measure remains contentious over stablecoin yields and bank protections.

The Other Side of the Garlinghouse Dimon Exchange

Both men have skin in this game. So the Garlinghouse Dimon exchange deserves a fuller picture.

Ripple benefits directly if the bill passes. Clearer rules would reduce uncertainty left over from its long SEC fight. They would also boost the broader XRP ecosystem. So critics note that Garlinghouse is not a neutral observer here.

Dimon’s worries are also shared across banking. He has flagged stablecoin yields, deposit competition, and anti-money-laundering gaps. Notably, Garlinghouse characterized Dimon’s position as making it “easier to do bad things,” but Dimon himself stressed missing bank protections rather than that exact phrasing.

So far, neither Dimon nor JPMorgan has publicly responded to this specific interview. The bank has also built its own blockchain rails, including JPM Coin and the Kinexys platform, even while criticizing decentralized crypto.

What Comes Next for the Garlinghouse Dimon Feud

The market mostly shrugged at the war of words. XRP traded between roughly $1.09 and $1.15 on June 11, closing near $1.1416, up from about $1.0972 the day before, per CoinMarketCap data. JPMorgan stock showed no notable move tied to the exchange.

The real test is the Senate calendar. Garlinghouse has previously pegged the bill’s passage odds above 80%, though such estimates can shift with the news cycle.

For now, the Garlinghouse Dimon feud sharpens a bigger question. Will Washington back new settlement rails, or protect the banks that run the old ones? Watch the Senate floor for the answer. None of this is financial advice, and crypto prices can move fast in either direction.