JPMorgan CEO warns that if stablecoins can pay interest similar to deposits, they may eventually face a crisis

JPMorgan CEO Jamie Dimon issued a warning regarding the U.S. crypto market structure bill, the CLARITY Act, stating that if stablecoin issuers are allowed to provide returns to users in a manner similar to bank deposit interest, the related model could ultimately face a crisis. Dimon indicated that the bill allows crypto companies to offer returns similar to deposit interest through stablecoin accounts without appropriate regulatory protections, and the banking industry would not accept such arrangements. He stated, "I am not worried about stablecoins themselves, but if this happens, I will not participate, and it will ultimately face a crisis."

The CLARITY Act aims to clarify the regulatory framework for the U.S. crypto industry and delineate the responsibilities of regulatory agencies. Previously, Patrick Witt, Executive Director of the U.S. Digital Asset Advisory Committee, stated that the Trump administration planned to push for the bill's passage before July 4. However, Polymarket data shows that the probability of the CLARITY Act passing by 2026 has fallen from nearly 70% to just above 50%.