Senator Lummis criticizes JPMorgan CEO Dimon for misinterpreting the Clarity Act.

CoinFeed reported on June 3rd that, according to The Block, U.S. Senator Cynthia Lummis, in an interview with CNBC, called JPMorgan Chase CEO Jamie Dimon's remarks about Coinbase CEO Brian Armstrong "offensive," stating that Dimon either hadn't read the Clarity Act or was intentionally misleading the public. Dimon had previously stated during discussions of this crypto market structure bill that it allows crypto companies to pay interest on deposits and stablecoins without adequate protection and doesn't adequately cover anti-money laundering and Bank Secrecy Act requirements, indicating that the banking industry would oppose the bill. Lummis emphasized that AML and BSA obligations also apply to digital assets and are enshrined in the bill.