Dimon ambushed Armstrong at his Davos coffee with Tony Blair and told him 'you are full of s—,' part of a coordinated bank push to kill the Clarity Act after Coinbase pulled support one day before the Senate Banking Committee vote. The real fight is stablecoin yield: Coinbase pays ~3.5% on stablecoins while banks pay under 0.1% on checking, and Dimon wants any issuer paying interest regulated as a bank. BoA's Moynihan and Wells Fargo's Scharf piled on ('if you want to be a bank, just be a bank'), with the White House now convening banking and crypto execs to mediate.

TLDR by @Benthic