A pointed insult from JPMorgan Chase CEO Jamie Dimon crystallized a growing power struggle between Wall Street and crypto’s most influential U.S. champion.

During a coffee meeting at the World Economic Forum in Davos last week, Coinbase CEO Brian Armstrong was speaking with former U.K. Prime Minister Tony Blair when Dimon abruptly interjected. Pointing a finger at Armstrong, the longtime crypto skeptic bluntly told him, “You are full of s—,” according to the Wall Street Journal.

Dimon accused Armstrong of misleading the public in recent television appearances, where the Coinbase chief said banks were lobbying to sabotage crypto-friendly legislation.

The confrontation underscored intensifying tensions as digital assets push deeper into mainstream finance. While major banks have cautiously embraced crypto for trading and payments, they are fiercely resisting what they see as an existential threat: crypto firms offering yield-like payouts that could lure consumer deposits away from traditional banks.

At the center of the fight is the proposed Clarity Act, legislation that would shape how digital assets are regulated in the U.S. Banks argue that so-called “rewards” paid by crypto exchanges for holding stablecoins—often around 3.5%—function like interest-bearing accounts, without the same regulatory oversight banks face. Crypto firms counter that competition should decide winners, and that banks are free to raise rates or enter the stablecoin business themselves.

Why is Armstrong the target of Dimon’s ire?

Armstrong, 43, has emerged as crypto’s most vocal political force. As CEO of the roughly $55 billion Coinbase, he has warned lawmakers that a bad bill could cost his company billions and has shown a willingness to walk away from legislation he sees as hostile. His public pressure helped stall a recent Senate vote, surprising much of Washington.

The dispute has reframed the debate as “Coinbase versus the banks,” rather than crypto versus finance broadly, analysts say. With the White House set to convene bank and crypto leaders for talks, and Armstrong’s support seen as pivotal, the outcome could redefine deposits, payments—and who controls them—in the digital age.