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The CEO of financial services titan JPMorgan Chase says banks will fight back against the CLARITY Act, the landmark crypto bill that seeks to establish a regulatory framework for cryptocurrencies and digital assets in the US.\u00a0<\/span><\/p>\n In a new <\/span>interview<\/span><\/a>, Jamie Dimon takes aim at the proposed legislation saying that it lacks adequate guardrails to protect investors. He says the bill also fails to address the Bank Secrecy Act\/Anti-Money Laundering (BSA\/AML) law that aims to combat illicit financial transactions.<\/span><\/p>\n \u201cIt allows them to effectively pay interest on deposits\u2014stablecoins or something like that\u2014without the protection that they should have and it doesn\u2019t do anything for AML\/BSA. It has almost no legal protection.\u201d<\/span><\/i><\/p>\n Dimon says the American Bankers Association (ABA) and other financial institutions neither want the current version of the bill. Last month, ABA President Rob Nichols <\/span>urged<\/span><\/a> member bank chief executives to ask their respective senators to remove provisions in the CLARITY Act that will allow crypto firms to offer stablecoin rewards.<\/span><\/p>\n \u201cThe banks will not accept it that way. The ABA, the small banks, the credit unions\u2014it\u2019s not just the big guys.\u201d\u00a0<\/span><\/i><\/p>\n As a new markup session for the CLARITY Act is coming, the executive says that banks will push back against the bill.\u00a0<\/span><\/p>\n \u201cWe will fight it. If we lose, we lose and we\u2019ll leave, but it will be fought.<\/span><\/i>\u201d<\/span><\/p>\n Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>  <\/p>\n
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\n<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n