The Digital Asset Market Clarity Act aims to establish a regulatory framework for digital assets in the United States. It seeks to bring legal certainty to the crypto industry while setting clearer rules for companies operating in the sector.
JPMorgan CEO Jamie Dimon criticized the bill in a Fox Business interview published June 1, arguing that crypto firms should follow bank-like rules if they offer products that resemble deposits.
“We’re not worried, we think it should just be fair,” Dimon said. “If [Brian Armstrong] takes deposits like a bank, he should have bank rules.”
Dimon also took aim at Coinbase CEO Brian Armstrong, who has pushed for the CLARITY Act.
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His comments drew a response from many, including Sen. Cynthia Lummis, who said:
“With all due respect, Mr. Dimon is mistaken about the Clarity Act.”
The debate resurfaced after JPMorgan published a blog post outlining its view of digital asset regulation.
JPMorgan backs tokenization but urges stronger safeguards
JPMorgan’s June 29 blog post praised digital assets for their potential to support tokenization and modernize financial infrastructure.
The bank pointed to its own blockchain initiatives as evidence that financial institutions are already adopting the technology.
Tokenization refers to putting real-world assets such as bonds, funds, stocks and real estate on blockchain networks.
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The sector has grown into a major part of institutional crypto, with tokenized real-world assets now valued at more than $25 billion. Some forecasts see the market reaching trillions of dollars over the next decade.
However, the bank stopped short of endorsing the CLARITY Act directly. Instead, it called for a broader digital asset market structure framework with stronger protections around stablecoins, illicit finance and market integrity.
“If policy prioritizes speed over substance, we risk building a system that expands access without adequately addressing the risks.”
“Responsible innovation is already possible within existing guardrails, and it can scale further with the right framework in place,” JPMorgan said.
The language echoed concerns Dimon has raised around stablecoin rewards and financial crime.
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This story was originally published by TheStreet on Jul 1, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
