JPMorgan Chase CEO Jamie Dimon confronted Coinbase CEO Brian Armstrong at Davos, accusing him of lying about banks sabotaging the US market structure bill. Dimon reportedly called Armstrong “full of s—” during the confrontation. Banking industry advocates oppose including stablecoin rewards in the bill, while crypto industry members, including Armstrong, push for it.

Armstrong faced criticism from other banking industry leaders at Davos. Bank of America CEO Brian Moynihan told Armstrong to “just be a bank” if he wanted to act like one. Wells Fargo CEO Charlie Scharf refused to engage in discussion with Armstrong. The market structure bill has faced opposition from Democratic lawmakers and industry lobbyists.

The US market structure bill has been split into two committees for consideration. The Senate Banking Committee postponed its markup indefinitely after Armstrong expressed concerns about the legislation. The Senate Agriculture Committee advanced its bill along party lines, with plans to combine it with the banking committee’s version for a Senate vote.

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