#美国CLARITY法案推进 Jamie Dimon, Trump, and the Final Card in Stablecoin Legislation

March 2, 2026, may be marked in financial history as a footnote filled with dark humor. Jamie Dimon, CEO of JPMorgan Chase, sat in the CNBC studio, not only facing grand narratives about Iran and oil prices but also casually handling an absurd reality: the current U.S. President Trump is suing him and his bank for $5 billion, claiming "political de-banking."
Dimon’s performance was a textbook display of old-money arrogance. While saying "If I were him, I’d be angry," he calmly added that this lawsuit is "baseless." This was the ultimate Wall Street Versailles scene: even if you hold the nuclear button, in front of my ledger, you are still just a client requiring compliance review. Behind this farce, a legislative squeeze is quietly underway that will determine the future of Web3 over the next decade— the “Clarity Act.” If you think this is just about compliance clichés, you’re underestimating Dimon and overestimating Washington’s IQ.

“Fair Competition” as a Deadly Disguise

When Dimon repeatedly emphasizes a “Level Playing Field” on camera, don’t be fooled by this righteous-sounding phrase. In Wall Street’s dictionary, it usually means: “Raise the bar so high only I can cross, then block everyone else out.” Dimon’s logic attacking Coinbase and Brian Armstrong is very cunning. He zeroed in on a core pain point: if you hold customer funds and pay interest (or what’s called “rewards”), then you are a bank. If you are a bank, you must meet capital requirements, liquidity standards, the Community Reinvestment Act (CRA), and the FDIC insurance that terrifies all crypto enthusiasts. It’s a clever scheme.
Dimon knows very well that stablecoin issuers like Circle or Tether fundamentally rely on extremely low compliance costs and high capital efficiency. Once stablecoins are forcibly defined as “bank deposits,” it’s like demanding a delivery electric vehicle company to maintain its fleet to Boeing 747 standards. The result is simple: due to exploding costs, existing stablecoin players will either be acquired or go bankrupt, while JPMorgan and others can confidently launch their own “JPM Coin,” backed by bank credibility, and legitimately take over the market. This isn’t legislation; it’s a disguised violent merger under the guise of regulation.

Trump’s Revenge and the $5 Billion Bet

What’s more interesting is Trump’s role in this game. The president has not only been bombarding on Twitter (X) but has also directly brought the legal war to JPMorgan’s doorstep. The $5 billion claim seems to be an old debt from the account shutdown in 2021, but in reality, it’s a bargaining chip for the new legislative battle. Although Trump signed an executive order aimed at eliminating “politicized de-banking,” his attitude toward cryptocurrency remains pragmatic and ambiguous. He needs crypto voters’ support but also relies on big banks to sustain his “Big Beautiful Bill” and the economic bubble it creates.
The current situation is highly ironic: the president wants a more relaxed market structure, while the banking establishment, the market’s backbone, is calling for stricter regulation. This conflict is vividly reflected in the deadlock of the “Clarity Act.” If the bill passes, recognizing stablecoins as non-bank deposits, it would give Coinbase and others a free pass—something Dimon absolutely cannot tolerate; if the bill fails or is amended to suit bankers’ preferences, the DeFi world will face catastrophe—because all on-chain liquidity sources will be subjected to traditional bank balance sheet regulation. Trump’s lawsuit, rather than seeking justice, is more about forcing Wall Street to make concessions at the negotiating table—even if it means flipping the table.
But Dimon clearly isn’t buying it. His response is cold and direct: the law is the law, and banks sometimes close accounts without even giving a reason—even for the president.

Cockroach Theory and the Devouring Future

Dimon’s “Cockroach Theory” in the interview is not just a warning about the credit market but also a metaphor for the entire financial ecosystem. He said that when you see a cockroach in the kitchen, there are definitely more hiding in the cracks. He’s not only referring to speculators who swam naked during the 2005-2007 credit binge but also hinting at shadow finance outside the banking system—that is, the entire crypto market.
Bankers are not opposed to blockchain technology. Dimon himself admits JPMorgan is one of the biggest users of blockchain; they have JPM Coin and are working on real-time payments. What they oppose is “uncontrolled blockchain.” In their envisioned future, Web3 is no longer the wild west of decentralization but a high-efficiency clearing system running on private bank chains. All tokens will circulate on the bank’s permissioned chain, and all KYC will be handled by banks.
This is the ultimate fear behind the “Clarity Act.” It’s not just a legal text dispute but a life-and-death fight over the “monetary definition.” If Dimon wins, stablecoins will no longer be native assets of the crypto world but will become digital mirrors of bank accounts. Then, our proud DeFi (Decentralized Finance) will be completely reduced to a technical backend of CeFi (Centralized Finance). When you cheer for “compliance” and “security,” remember who’s defining compliance and who’s ensuring security. After all, in Dimon’s eyes, USDC in your hands isn’t money; only the digital assets stored in JPMorgan’s vaults are real money.