Coinbase CEO Brian Armstrong fired back at JPMorgan chief Jamie Dimon’s criticism of the CLARITY Act with a hockey-themed meme. The exchange happened Friday and quickly drew support from across the crypto industry.
The meme turned a regulatory fight over stablecoin rewards into a rallying moment for digital asset leaders who want the bill to reach the Senate floor.
Crypto Industry Closes Ranks Behind CLARITY Act
After Dimon appeared on Fox Business to criticize the CLARITY Act, industry leaders responded fast. Mike Novogratz of Galaxy Digital argued that elected lawmakers, not banks, should write financial laws.
“Since when do banks get to decide on legislation? The way I understand basic government from the 10th grade is that our elected representatives write and pass laws. It’s time for Washington to do the right thing,” Novogratz posted.
Peter Van Valkenburgh of Coin Center pointed out that roughly $3 trillion was laundered through banks in 2025. He dismissed Dimon’s anti-money-laundering framing as nonsense.
Dimon had said in the interview that stablecoin rewards raise risks because they bypass bank rules. “When you are in a bank system, it’s already been through all that. So if they want to be moving money around on any basis, you should question can that be used illegitimately,” Dimon said.
Other crypto voices pointed to JPMorgan’s track record of regulatory fines totaling tens of billions.
The Digital Asset Market Clarity Act cleared the Senate Banking Committee on May 14 in a 15-9 vote. It now needs 60 votes on the Senate floor before returning to the House.
Armstrong’s Meme Becomes the Rally Cry
Armstrong’s meme cast Dimon as number two for tradition and himself as number one for economic freedom. The image went viral within minutes.
“Heated Rivalry” is also the title of a 2019 gay hockey romance novel adapted for television in late 2025. The meme amplified an industry argument that bank opposition to stablecoin rewards is about protecting their turf, not consumers.
Some in crypto now compare Coinbase to Charles Schwab in the late 1970s. Andrew, co-founder of Arch Public, said, “Coinbase is to current finance and banking what Charles Schwab was to finance and trading in the late 70’s and 80’s. Schwab radically disrupted Wall Street then. Coinbase is radically disrupting Wall Street now.”
The pushback signals a coordinated response to months of bank lobbying. The Senate floor vote is expected in June.
