"We'll fight it. If we lose, we lose." - Jamie Dimon, on the CLARITY Act.
The bill that lets crypto platforms pay staking and activity rewards on stablecoins.
Can't imagine why banks would hate that.
Your savings account: 0.38% APY
Stablecoins onchain: 4–8% APY
Oh, and since 2020? Banks have zero reserve requirements. They can lend out every single dollar you deposit... and still hand you back crumbs.
Yeah, Jamie. We know exactly why you're opposed to this.