Jamie Dimon Tells Coinbase CEO Brian Armstrong He’s ‘Full of Sh—’ in Davos Clash: WSJ

During the World Economic Forum in Davos, JPMorgan Chase CEO Jamie Dimon reportedly confronted Coinbase CEO Brian Armstrong over coffee, telling him bluntly, "You are full of s—." This heated exchange underscored the growing tensions between Wall Street and the crypto industry regarding U.S. financial regulation.

The confrontation followed Armstrong's public accusations that big banks were using legislative power to sabotage the Senate’s *Clarity Act*, a crypto market-structure bill. The core dispute centers on stablecoin yields, which Coinbase offers around 3.5%, far exceeding the near-zero rates paid by traditional banks on deposits. Banking executives argue these crypto yields are functionally interest payments that could drain deposits from the banking system.

Other banking leaders at Davos also showed resistance; Bank of America CEO Brian Moynihan reportedly told Armstrong to "just be a bank" if he wants to offer deposit-like products. The clash highlights the broader struggle over the future of U.S. finance as crypto gains traction, with the White House set to convene executives to discuss reviving stalled crypto legislation.

(Source：Bitcoin Magazine)