Overview
- WSJ-sourced reports say JPMorgan’s Jamie Dimon told Brian Armstrong he was “full of s—,” with Bank of America’s Brian Moynihan saying “If you want to be a bank, just be a bank.”
- Wells Fargo’s Charlie Scharf declined a discussion and Citigroup’s Jane Fraser offered under a minute, underscoring the frosty reception to Coinbase’s pitch.
- The clash centers on stablecoin rewards that function like interest and can reach about 3.5%, which banks warn could siphon deposits and strain lending capacity.
- Coinbase withdrew support for the CLARITY Act after reviewing a draft it said restricts stablecoin yields, contributing to a postponed Senate Banking Committee markup.
- Reports indicate the White House plans talks with bank and crypto leaders as negotiations continue, even as Coinbase maintains commercial ties with firms such as JPMorgan and Citigroup.