JPMorgan Chase CEO Jamie Dimon has drawn a battle line in Washington: the Clarity Act, as written, is dead on arrival — and Coinbase CEO Brian Armstrong is the enemy driving it.

In a Fox Business interview on Friday, Dimon unloaded on the pending crypto market structure legislation, calling it a threat to the financial system and a gift to an industry that wants the privileges of banking without the responsibilities.

“It allows cryptocurrency firms to effectively pay interest on deposits — stablecoins or something like that — without the protection that they should have,” Dimon said. “It has almost no legal protections.”

His core argument: if a crypto platform…

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