JPMorgan CEO Jamie Dimon has sharply criticized the proposed Digital Asset Market Clarity Act (CLARITY), warning that major US banks will oppose the legislation in its current form.

JPMorgan CEO challenges CLARITY bill over compliance and risk gaps

Speaking on Fox Business’ Mornings with Maria on Friday, Dimon argued that the bill creates an uneven regulatory environment by allowing crypto firms to offer bank-like products without equivalent safeguards. He specifically pointed to stablecoin-related yield products, stating that the framework would enable firms to pay interest without adhering to the protections required of traditional banks.

“It allows cryptocurrency firms to effectively pay interest on deposits, stablecoins or something…