Ripple CEO Calls Out Jamie Dimon On CLARITY Act Criticism

Garlinghouse Pushes Back on Dimon's Compliance Claims

Ripple CEO Brad Garlinghouse went on the offensive against JPMorgan chief Jamie Dimon on June 11, 2026, accusing him of distorting the facts around the Digital Asset Market Clarity Act, known as the CLARITY Act, a sweeping piece of crypto market structure legislation currently before the Senate.

Speaking to Fox Business host Maria Bartiromo, Garlinghouse addressed Dimon's recent comments in which the JPMorgan boss warned that the bill could weaken compliance safeguards and make it easier for bad actors to operate. Garlinghouse called the characterisation false, saying Dimon was "representing that this reduces compliance concerns, that it makes it easier to do bad things," and that the claim was "either intentionally misrepresentation or even negligent."

CFTC Chairman Michael Selig also defended the bill, describing Dimon's interpretation as a "misreading," particularly regarding AML and KYC requirements for registered digital commodity exchanges. The bill itself applies the Bank Secrecy Act's anti-money laundering requirements to new digital commodity exchanges, brokers, and dealers, a provision that directly contradicts claims that it loosens compliance standards.

Banking Interests and a Fight Over Financial Rails

Dimon's main objection centres on a provision that would allow crypto exchanges to offer stablecoin yields to users, something Garlinghouse says JPMorgan opposes because the bank would prefer to maintain the status quo of its existing business. Garlinghouse pointed out that JPMorgan generates roughly $20 billion in revenue from its payments business and over $5 billion in profit, framing the opposition as a defence of incumbency rather than a neutral policy concern.

"Jamie Dimon also should be clear he is trying to protect and dig a deeper moat for a business that's extremely profitable for them," Garlinghouse said.

The stablecoin yield question has been one of the most contentious points of debate around the CLARITY Act, with the banking lobby fighting strongly against it, while Coinbase CEO Brian Armstrong pushed hard for its inclusion, going as far as withdrawing support for a draft of the bill that did not allow for it.

The dispute carries real legislative urgency. With only 16 legislative days remaining before the August recess, industry leaders are pushing Congress to advance the bill. The CLARITY Act passed the House of Representatives in July 2025 with a bipartisan vote of 294 to 134 but has yet to clear the Senate. CFTC Chairman Selig stated that the goal of the reform is to protect American investors and keep innovation inside the country rather than push it offshore.

Decrypt: Ripple CEO Takes Aim at JPMorgan's Jamie Dimon Over Clarity Act Criticism | Crypto Times: Ripple CEO Says JPMorgan's Dimon's CLARITY Act Criticism Misses Mark | Crypto News: Ripple CEO Challenges Jamie Dimon Over Clarity Act Criticism