JPMorgan Chase CEO warns that if stablecoins can pay similar deposit interest, they may eventually explode

JPMorgan Chase CEO Jamie Dimon issued a warning to the US Crypto Market Structure Act, the CLARITY Act, saying that if stablecoin issuers are allowed to provide benefits to users in a manner similar to bank deposit interest, the relevant model may eventually explode. Dimon said the bill would allow crypto companies to provide users with returns similar to deposit interest through stablecoin accounts in the absence of corresponding regulatory protections, an arrangement that the banking industry would not accept. He said: "I'm not worried about the stablecoin itself, but if that happens, I won't be involved and it will eventually explode." The CLARITY Act aims to clarify the regulatory framework for the U.S. crypto industry and divide the responsibilities of regulators. Previously, Patrick Witt, executive director of the U.S. Digital Assets Advisory Council, said that the Trump administration plans to push the bill through before July 4. However, Polymarket data shows that the probability of the CLARITY Act being passed in 2026 has dropped from nearly 70% to just over 50%.