As U.S. cryptocurrency legislation advances, Ripple CEO Brad Garlinghouse publicly named JPMorgan Chase CEO Jamie Dimon, accusing him of consistently opposing the crypto industry and targeting the CLARITY Act currently under consideration in Congress. This dispute reflects deepening divisions between banks, crypto companies, and regulators.
Disagreements over the bill are intensifying
Garlinghouse said in a media interview that JPMorgan’s criticism of the bill stems not merely from compliance concerns, but from its existing interests in traditional payment businesses. According to him, JPMorgan generates approximately $20 billion in annual revenue from payment services, with profits exceeding $5 billion, giving it a strong incentive to maintain the status quo.
Previously, Dimon criticized the CLARITY Act for potentially weakening compliance requirements and creating room for fraud. However, the article notes that Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission, defended the bill, stating that the reforms are not about relaxing regulation but rather about keeping innovation and investor protection in the United States while maintaining regulatory safeguards.
Ripple says trading volume is flowing out of the United States.
Garlinghouse also noted that approximately 90% of digital asset trading volume has shifted to offshore markets, leaving U.S. consumers without the protections of a domestic market and causing capital and innovation to continue flowing overseas. He believes that if the CLARITY Act is passed, it would help bring more trading activity and institutional capital back to the U.S. and provide banks and large enterprises with a clearer legal framework.
This is also a key reason why Ripple is currently actively supporting legislation. The article states that Ripple is currently focusing its business on enterprise clients, including banks, broker-dealers, and corporate finance officers, rather than solely targeting the retail market.
Ripple bets on RLUSD and enterprise payments
According to Garlinghouse, Ripple is currently focused on three key areas: liquidity management infrastructure, its own stablecoin RLUSD, and AI tools for future payment scenarios.
- In terms of liquidity management, develop a unified financial operations dashboard for enterprises.
- Among stablecoins, RLUSD is listed as one of the fastest-growing projects.
- For AI payments, the toolkit is built on the XRP Ledger.
From the article, Ripple appears to be aligning regulatory developments with its business expansion. For the company, greater clarity in the U.S. legislative environment would make its payment solutions, stablecoins, and enterprise financial products more attractive to large institutions.