Connect with us
DAPA Banner

Crypto World

JPMorgan’s Dimon Tells Coinbase’s Armstrong to Stop “Lying” About Crypto Bill

Published

on

😳

JPMorgan Chase CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong at the World Economic Forum in Davos last week, accusing him of misrepresenting banks’ role in opposing parts of a major US crypto market structure bill.

Key Takeaways:

  • JPMorgan CEO Jamie Dimon confronted Coinbase’s Brian Armstrong at Davos over claims banks are undermining a US crypto bill.
  • The clash centers on stablecoin rewards, with banks opposing yield while crypto firms argue bans favor traditional finance.
  • The market structure bill has stalled in the Senate amid growing political and industry resistance.

According to a report from The Wall Street Journal, the exchange took place during a coffee meeting between Armstrong and former UK Prime Minister Tony Blair.

Dimon reportedly interrupted the discussion and told Armstrong he was “full of s—,” objecting to public comments in which the Coinbase CEO suggested banks were working behind the scenes to undermine the legislation.

Stablecoin Rewards Spark Clash Between Banks and Crypto Firms

Advertisement

The dispute centers on provisions related to stablecoins, particularly whether issuers should be allowed to offer yield or rewards.

Banking industry representatives have opposed such measures, arguing they could blur the line between banks and non-bank financial firms.

Crypto executives, including Armstrong, have countered that banning stablecoin rewards would tilt the playing field in favor of traditional banks and restrict competition.

The Journal reported that Armstrong’s stance has left him increasingly isolated among banking leaders.

Advertisement

Brian Moynihan, chief executive of Bank of America, allegedly told Armstrong that if Coinbase wants to operate like a bank, it should become one.

Charlie Scharf, CEO of Wells Fargo, reportedly declined to engage in discussions with the Coinbase chief altogether.

The clash comes as the US market structure bill faces mounting political and industry resistance.

Advertisement

The legislation passed the House of Representatives in July but has stalled in the Senate, where Democratic lawmakers have raised concerns over ethics rules and the bill’s broader impact on the financial system.

Lobbyists from both the banking and crypto sectors have also warned that certain provisions could reshape competitive dynamics in unintended ways.

Coinbase Plays Down Bank Rift as Crypto Bill Stalls in Senate

Coinbase has sought to downplay the rift.

Advertisement

Chief policy officer Faryar Shirzad told the Journal that the disagreement over stablecoin rewards is an outlier in what he described as an otherwise cooperative relationship with banks, pointing to existing partnerships between the exchange and traditional financial institutions.

A Coinbase spokesperson later said the company had nothing further to add beyond those comments.

Meanwhile, progress on the bill remains uneven. The Senate Banking Committee indefinitely postponed a planned markup after Armstrong said Coinbase could not support the legislation in its current form.

In contrast, the Senate Agriculture Committee advanced its own version along party lines, setting the stage for negotiations to merge the two proposals before any full Senate vote.

Advertisement

The post JPMorgan’s Dimon Tells Coinbase’s Armstrong to Stop “Lying” About Crypto Bill appeared first on Cryptonews.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Iran turns Strait of Hormuz into $1-per-barrel Bitcoin tollbooth

Published

on

Iran strikes Gulf energy network as oil surges past $110

Iran will charge tankers $1 per barrel in bitcoin to cross the Strait of Hormuz during a two‑week US ceasefire, adding a crypto tax to the world’s key oil chokepoint.

Iran will force every oil tanker transiting the Strait of Hormuz during the new two-week ceasefire with the US to pay a $1-per-barrel toll in cryptocurrency, turning the world’s most sensitive oil chokepoint into a de facto bitcoin paywall. According to the Financial Times, Tehran will demand that shipping companies settle the fee in digital assets, primarily bitcoin, as it seeks hard-to-trace revenues while sanctions bite. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said the system is designed to slow traffic on Iran’s terms and tighten control over what moves through the corridor.

Under the scheme, tankers must first email Iranian authorities with detailed cargo manifests before entering the strait. Hosseini told the Financial Times that once the email is received and Tehran completes its assessment, “vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions.” He added that “everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” underscoring that the stated aim is to prevent weapons shipments during the pause in fighting. With typical crude cargoes ranging from 500,000 to 2 million barrels, a single transit could mean crypto payments of $500,000 to $2,000,000 per voyage.

Advertisement

Ceasefire, crypto and a global oil lifeline

The toll comes as Washington and Tehran test a fragile truce that hinges on a partial reopening of the Strait of Hormuz, which before the war carried roughly a fifth of the world’s seaborne oil. A senior Iranian official told Reuters that Iran could reopen the strait “limited, under Iran’s control” as early as Thursday or Friday, ahead of talks with US officials in Pakistan. Oil markets have already reacted: Brent futures slid about 13% to roughly $94.76 per barrel and US benchmark WTI dropped more than 15% to around $95.79 after President Donald Trump agreed to the two-week ceasefire, conditional on the “immediate and safe” reopening of the strait.

In Washington, Trump has floated turning the tolls themselves into a joint business model. “We’re thinking of doing it as a joint venture,” he told ABC News’s Jonathan Karl, calling it “a way of securing it — also securing it from lots of other people. It’s a beautiful thing.” That suggestion follows earlier musings that the US could impose its own tolling regime on ships using the strait, effectively monetizing a corridor where even a $1-per-barrel surcharge is a small fraction of crude trading in the mid-$90s but represents a new geopolitical tax on a market still reeling from weeks of war-driven price spikes.

Source link

Advertisement
Continue Reading

Crypto World

Standard Chartered Mulls Restructuring of Zodia Crypto Custodian: Report

Published

on

Standard Chartered Mulls Restructuring of Zodia Crypto Custodian: Report

Standard Chartered is reportedly weighing a restructuring of its majority-owned crypto custodian Zodia Custody, as large banks look to bring more digital asset infrastructure inside their core banking operations.

The United Kingdom-based lender plans to fold Zodia’s crypto custody business into a division inside its corporate and investment bank that already offers similar services, while keeping Zodia operating as a standalone Software-as-a-Service (SaaS) platform for digital asset custody, according to Bloomberg on Wednesday, citing people familiar with the matter. An announcement on the restructuring could reportedly come as soon as this month.

It is not yet clear whether Standard Chartered has opened negotiations with Zodia’s minority shareholders, which include Northern Trust, Emirates NBD, National Australia Bank and SBI Holdings.

Standard Chartered has rapidly expanded its own digital asset footprint, reportedly exploring the launch of a crypto prime brokerage platform through its venture arm, SC Ventures, and rolling out institutional crypto trading in summer 2025.

Advertisement

Related: Standard Chartered says faster stablecoin turnover could curb demand

The bank was an early mover into digital assets, setting up Zodia in 2020 with Northern Trust, and the custodian has since raised external capital and grown across seven offices in Europe, Asia and the Middle East.

Zodia Custody Services. Source: Zodia Custody

Cointelegraph reached out to Standard Chartered and Zodia, but had not received a response by publication.

How other big banks are internalizing crypto custody

Standard Chartered’s reported rethink comes as other global banks take digital asset custody directly under regulated banking entities. In February, Morgan Stanley applied for a US de novo national trust bank charter, which would allow it to custody certain digital assets and execute purchases, sales, swaps, transfers and staking services for clients within a bank-regulated framework.

In October 2022, BNY Mellon launched a Digital Asset Custody platform in the US that lets selected clients hold and transfer Bitcoin (BTC) and Ether (ETH) alongside traditional assets on a single platform, positioning the bank as a core provider of both conventional and tokenized asset servicing.

Advertisement

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder