Republican Senator Lummis said the JPMorgan CEO "either hasn't read" the Clarity Act "or he wants to mislead people."
Dimon said Coinbase's Armstrong is spending hundreds of millions of dollars trying to get Clarity Act passed.
JPMorgan's CEO argued that yield-bearing stablecoins should face the same regulatory requirements as bank deposits amid policy negotiations.
Banks will limit their crypto exposure as long as anti-money laundering risks are at play, according to investment bank TD Cowen.