#crypto-banking

➤ JPMorgan CEO Jamie Dimon criticizes the CLARITY Act, arguing it unfairly benefits crypto companies over traditional banks by allowing them to offer interest on stablecoins without adhering to the same stringent regulations. ➤ Dimon highlights concerns regarding inadequate Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) provisions within the bill, warning that JPMorgan and other banks will oppose it if not amended. ➤ The article underscores the ongoing debate in Washington regarding crypto regulation, with JPMorgan's stance reflecting traditional banks' demand for a level playing field against crypto firms offering similar financial services.

➤ Former Silvergate Bank CRO Kate Fraher challenges the SEC's narrative, stating regulators never proved AML failures and that regulatory pressure, not a deposit run, forced the bank's closure. ➤ Fraher's comments follow the SEC's rescission of its 'no deny' settlement policy, allowing her to speak openly about the case and the personal toll of the investigation. ➤ Her claims align with 'Operation Chokepoint 2.0' theories, suggesting regulators pressured banks to exit crypto relationships, contributing to the downfall of Silvergate, Signature, and SVB.