JPMorgan Chase CEO Jamie Dimon has pushed the stablecoin rewards fight back into the CLARITY Act debate, warning that banks will not support the bill if crypto platforms can offer deposit-like returns without comparable banking rules.

In a Fox Business interview published Friday, Dimon said stablecoins could become a large problem if firms are allowed to pay what banks view as interest on customer balances while avoiding bank-style capital, compliance and consumer-protection requirements. CoinDesk reported that he also criticized Coinbase CEO Brian Armstrong, whose company has argued that reward programs should remain available under a digital-asset market structure bill.

The dispute is narrower than the broader SEC-versus-CFTC market-structure fight, but it has become one of the bill's practical sticking points. Banking groups have been pressing lawmakers to tighten Section 404 of H.R. 3633, arguing in a May letter that the current text does not adequately prevent payments of interest, yield or rewards on payment stablecoin holdings.

The policy record is not one-sided. A White House economic analysis published in April argued that banning stablecoin yield would do little to protect bank lending, while giving up potential consumer benefits from digital-dollar competition.

For now, the conservative read is that CLARITY remains active but unsettled. The Senate Banking Committee advanced the bill earlier in May, yet floor negotiations and reconciliation with House language still leave room for changes. Dimon's comments make clear that the stablecoin rewards compromise is still contested.