Brad Garlinghouse, chief executive of Ripple and one of the most prominent voices in institutional crypto, appeared on Fox Business this week to accuse Jamie Dimon, chairman and chief executive of JPMorgan Chase, of deliberately misrepresenting the Clarity Act, the Digital Asset Market Clarity Act of 2025 (H.R. 3633), to protect a payments franchise that generates approximately $20 billion in annual revenue with estimated profits exceeding $5 billion.

The specific fault line is a single clause in the pending legislation that would permit crypto exchanges to offer stablecoin yield to users, a provision that Dimon has publicly opposed and that the banking lobby has made its primary legislative target.

This is not simply a…