JPMorgan's Dimon is losing it—he's resorted to personal attacks on Coinbase's Brain, which shows this is really hitting their bottom line. The logic is actually pretty simple: the Clarity Act's stablecoin-related provisions pose a serious threat to traditional banks' interests, especially their deposit business. Crypto platforms pay yield/rewards (annualized returns/interest) on stablecoins (like USDC), which essentially attracts money just like bank deposits, but with far less regulatory burden compared to traditional banks (e.g., AML/BSA anti-money laundering, consumer protection requirements are much looser). Banks make money by lending out deposits, but if everyone moves their money into USDC/USDT to earn higher yields, how are traditional banks supposed to survive? We used to think what would make the traditional financial giants panic would be Bitcoin, the financial flattening of DeFi, or platforms like AAVE. Who would've thought it would actually be stablecoins pegged to the dollar and CEXs spending hundreds of millions lobbying Washington