What is the CLARITY Act and why is it important for crypto?

The CLARITY Act is proposed US legislation designed to create clearer regulatory rules for digital assets. Supporters argue it would provide legal certainty for crypto companies, investors and financial institutions, while critics worry it could weaken existing safeguards.

Why is Ripple CEO Brad Garlinghouse criticising Jamie Dimon?

Brad Garlinghouse argues that JPMorgan CEO Jamie Dimon is opposing the CLARITY Act to protect JPMorgan's highly profitable payments business. Garlinghouse claims the bank has a financial incentive to preserve the existing financial system rather than support crypto-related reforms.

What did Jamie Dimon say about the CLARITY Act?

Dimon has argued that the legislation could weaken compliance standards and potentially create opportunities for fraud and misconduct. He believes regulators should be cautious about introducing new crypto-related rules that could reduce oversight.

How did regulators respond to Jamie Dimon's criticism?

Commodity Futures Trading Commission Chairman Michael Selig defended the CLARITY Act and said Dimon was misinterpreting the legislation. Selig argued that the bill is intended to protect investors while keeping blockchain innovation and investment within the United States.

Why does Ripple support the CLARITY Act?

Ripple believes clearer regulations would encourage more crypto activity to take place within the US rather than offshore markets. The company argues that legal certainty would make banks, corporations and institutional investors more comfortable adopting digital assets.

What does Garlinghouse mean by crypto trading moving offshore?

According to Ripple, around 90% of digital asset trading volume now occurs outside the United States. The company argues that regulatory uncertainty has pushed businesses and investors toward overseas markets with clearer rules.

How could the CLARITY Act affect Ripple's business?

If passed, the legislation could create a more favourable regulatory environment for Ripple's payment products, stablecoin initiatives and enterprise blockchain services. This could make it easier for the company to expand partnerships with banks and financial institutions.

Cryptocurrency

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Ripple attacks Dimon as crypto bill battle heats up

Written by Jon CuthbertPublished Jun 12, 2026, 2:41 AM

Ripple chief executive Brad Garlinghouse has criticised JPMorgan chief executive Jamie Dimon over his opposition to the CLARITY Act, accusing the banking executive of protecting the traditional financial system at the expense of crypto innovation.

The dispute comes as US lawmakers face a limited legislative window before the August recess to pass the CLARITY Act, a bill designed to create clearer regulatory rules for digital assets.

“If you look at JPMorgan, they generate $20 billion in revenue from their payments business and over $5 billion in profit, so I think Jamie Dimon also should be clear that he is trying to protect and dig a deeper moat around a business that is extremely profitable for them, to maintain the status quo,”

Said Ripple chief executive, Brad Garlinghouse.

Dimon had previously argued that the legislation could weaken compliance standards and benefit bad actors, although Commodity Futures Trading Commission chairman Michael Selig defended the proposal and said its purpose was to strengthen investor protections while keeping innovation in the United States.

Garlinghouse said Dimon’s criticism amounted to “an intentional lie or negligence” and argued that the banking executive has consistently opposed cryptocurrencies in an effort to preserve the existing financial system.

Ripple said roughly 90% of digital asset trading volume has shifted to offshore markets and believes the CLARITY Act could help attract capital back to the United States while providing legal certainty for financial institutions.

The company is focusing its growth strategy on enterprise payments infrastructure, its RLUSD stablecoin and AI-powered payment tools built on the XRP Ledger, as it seeks to expand adoption among banks, brokers and corporate finance teams.

At the time of reporting, XRP price was $1.14.