IGNORE JP Morgans ATTACK on Coinbase! (Here's How Bitcoin is the REAL Target) | EP 1517

**Optimus** (0:02)
There's an insane clip circulating of Jamie Dimon attacking Coinbase and saying he will fight the Clarity Act. But today, I'm going to show you how, in my opinion, I think Bitcoin will end up getting caught up in the middle of this, when the world's largest bank starts lashing out this aggressively at the competition, which is obviously Bitcoin. So let's watch the clip. It's actually kind of hilarious, too.
Not going to lie, I had a pretty good laugh at this one. But let's watch the clip, and then we'll kind of piece this story together for you.

**SPEAKER_2** (0:37)
So are you happy with the way the Clarity Act is turning out?

**Jamie Dimon** (0:41)
No, because it allows them to effectively pay interest on deposits, stable coins or something like that, without the protection that they should have. And it doesn't do anything for AML BSA. It has almost no legal protections. So no, the banks will not accept it that way.
And the ABA, the small banks, the credit unions, it's not just the big guys. I'm not worried about stable coin, but if it happened, I'm telling you, I would have nothing to do with it and it would eventually blow up on its own. Okay, but that's my personal thing. But I do understand the concern of all the other banks. So-

**SPEAKER_2** (1:12)
Well, the markup is coming. I mean, what are you going to do about it?

**Jamie Dimon** (1:14)
It is, we'll fight it. If we lose, we lose and we'll live.

**SPEAKER_2** (1:17)
Okay.

**Jamie Dimon** (1:17)
But it will be fought. This will not be, no one's going to bow down to this guy, or that company. He's the only one, and he's spending hundreds of millions of dollars in watching this thing.

**SPEAKER_2** (1:28)
He said he's representing the whole industry.

**Jamie Dimon** (1:30)
He's full of shit.

**SPEAKER_2** (1:33)
Well.

**Optimus** (1:36)
Yeah. Not going to lie. Kind of hilarious.
Oh, man.

**Jamie Dimon** (1:43)
Okay. Yeah.

**Optimus** (1:43)
Jamie Dimon. Jamie Dimon, he did right now around the Clarity Act. Obviously, I think the funniest framing up of this whole thing is like Jamie Dimon basically saying like, we're fighting for the little guy. Yeah. Yeah.
I'm totally convinced Jamie Dimon is fighting for the little guy. And we've been covering the whole stable coin debacle. And we do have kind of a new update from my favorite reporter about this, Eleanor Tarrant. So I will cover that. But let's get general takes on just this clip. Knee jerk reaction to this knee jerk, bro.

**Nico** (2:14)
I mean, he said the quiet part out loud, right? Which is exactly what we have been reporting on for the last couple of months, is that the big banks don't want competition. They don't want competition. And he's saying it's for your protection, right? When in reality, listen, guys, the way that it works is you put your money in a bank. They're supposed to pay you interest, but the amount of interest that they give you is laughable. It's like something percent. I'm sure you guys have had this experience if you have an account with a big bank. Like you get your interest deposit on monthly basis and it's like five cents, 15 cents. The reason they feel so threatened is because now a lot of these exchanges are basically saying, hey, look, if you leave your money on this exchange, we're able to give you interest. And that interest is at like three and a half percent or three percent or something around that range. So obviously if you're a big bank, you're like, wow, like that threatens our entire business model because all of a sudden a lot of the younger generation is going to say, why should I open a bank account where I have to pay a $15 monthly maintenance fee, whatever they call it, where I could literally just leave my money on my dollars on Coinbase or my dollars on all these other exchanges, and I can get a three percent interest paid in Bitcoin. That is what Jamie Dimon is worried about. That is what the big banks are worried about. And he's making the argument that it's, oh, it's because the necessary protections are not in place. That is utter bullshit.
To use his words, by the way.
That is utter BS. Like the fact is, is that they don't want competition. And they're not playing by the free market rules, because the free market rules is like, listen, if your competitor is starting to do something better than you, then you start to compete. But the big banks are not used to having these competitors. They've had this cartel for the longest time, and now they're getting competition. And it freaks them the F out. So they're using the power of government in order to try to stifle that competition, where if you look historically in the United States of America, it's something that has happened many, many, many times before. So again, he's saying the choir part out loud, which I told you exactly, this is why they don't want it to happen.