Reportedly, JPMorgan CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong at the World Economic Forum in Davos last week, calling him a liar over his comments about banks trying to kill crypto legislation. The Wall Street Journal reported that Dimon interrupted a coffee meeting between Armstrong and former UK Prime Minister Tony Blair. He pointed his finger at the Coinbase chief and said, “You are full of s—.” Armstrong had appeared on TV days earlier saying banks were lobbying to sabotage crypto-friendly regulation in the US.
Dimon was not alone. Several banking executives gave Armstrong the cold shoulder at Davos. Bank of America CEO Brian Moynihan met with him for 30 minutes but shut down his argument. “If you want to be a bank, just be a bank,” Moynihan said. Wells Fargo CEO Charlie Scharf told Armstrong there was “nothing for them to talk about.”
Citigroup CEO Jane Fraser gave him less than a minute. The fight comes down to one issue: stablecoin rewards. Crypto firms like Coinbase pay around 3.5% to users who hold stablecoins. Banks pay under 0.1% on checking accounts.
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