The fight for the future of the American crypto market escalated to the limit today as Ripple CEO Brad Garlinghouse slammed JPMorgan CEO Jamie Dimon on Fox Business, accusing him of deliberately distorting the facts to protect the traditional banking business.
The conflict erupted around the CLARITY Act, a bill designed to give the market clear rules of the game. Meanwhile, the U.S. Congress has only about 16 legislative days left before the August recess to pass this historic document.
Earlier, JPMorgan CEO Jamie Dimon publicly criticized the CLARITY Act, saying the law would weaken compliance and give fraudsters a free hand. However, CFTC Chairman Michael Selig unexpectedly defended the bill, directly saying that Dimon was misreading the document and that the goal of the reform was not to weaken oversight, but to protect American investors and keep innovation inside the country instead of pushing it offshore.
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The Ripple CEO spoke even more harshly, pointing to the banker’s direct financial interest.
“If you look at JPMorgan, they generate $20 billion in revenue from their payments business and over $5 billion in profit. So I think Jamie Dimon also should be clear that he is trying to protect and dig a deeper moat around a business that is extremely profitable for them, to maintain the status quo,” Brad Garlinghouse said.
According to the Ripple CEO, Dimon’s words about the harm of the CLARITY Act are “an intentional lie or negligence,” since the head of JPMorgan has publicly buried cryptocurrency for years to preserve the old financial system.
What is at stake for Ripple?
According to Garlinghouse, about 90% of digital asset trading volume has moved out of the U.S. to offshore markets, leaving American consumers without protection. Passing the CLARITY Act should bring this capital back into the country and give legal guarantees to banks and large corporations.
He stressed that Ripple is fully focused on the corporate sector, including banks, brokers and CFOs, while its key growth drivers are now three areas:
- Liquidity management infrastructure: building unified dashboards for chief financial officers.
- Its own stablecoin, RLUSD: 18 months after launch, it has firmly secured a place among the top five fastest-growing stablecoins in the world.
- Payments of the future: the company has already introduced an AI Starter Kit for integrating payments into the ecosystem of autonomous AI agents based on the XRP Ledger.
For Ripple, the battle over the CLARITY Act is a bridge from courtroom victories to mass recognition of its business by major capital. Institutions are ready to move forward, but the ball is now in Congress’ court.
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