Dimon Vows to Fight Clarity Act

ICE Eyes Onchain Perps Market Entry | US Seizes $1B in Iranian Crypto

Marco Manoppo & Karon Pangestu
June 01, 2026

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Good Morning,

Dimon went on Fox Business to call Brian Armstrong "full of sh--" and vow to fight the Clarity Act, which is the most entertaining way to confirm that crypto-native stablecoin rewards are a genuine existential threat to traditional deposit banking.

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In Today's Email:

What Matters: Dimon Vows to Fight Clarity Act 👀
Product of the Week: ICE Eyes Onchain Perps Market Entry 🔎
Charts: US Seizes $1B in Iranian Crypto, SpaceX Perp Flash Crash 📊

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Narratives: Bank vs Crypto

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WHAT MATTERS

Dimon Vows to Fight Clarity Act

State of play: JPMorgan CEO Jamie Dimon publicly opposed the Clarity Act in its current form, calling out Coinbase CEO Brian Armstrong by name and pledging that banks will fight the bill over stablecoin rewards and inadequate AML protections.

Dimon's core objection is that the Clarity Act allows crypto firms to effectively pay interest on stablecoin deposits without the regulatory protections banks are required to maintain.
Dimon said Armstrong, who is spending hundreds of millions lobbying for the bill, is "full of sh--," with Coinbase's Chief Policy Officer responding that the goal is preserving rewards programs and passing clear rules for Americans.
The stablecoin rewards provision has become the most contentious issue surrounding the Clarity Act, with the 2026 midterms and Trump's crypto interests adding further political complexity to the bill's prospects.

Why it matters: The traditional banking lobby is now actively mobilizing against the Clarity Act, putting the bill's stablecoin rewards provision, its most crypto-friendly feature, at serious risk.

Our take: Dimon's position is defensible in principle but the volume is political. The real danger is that banking pressure strips the bill of anything meaningful before it hits the floor.

For builders and investors: Stablecoin rewards are the line in the sand. If that provision survives, crypto-native platforms get a massive distribution wedge against banks. If it gets stripped, the Clarity Act is just regulatory overhead.

PRODUCT OF THE WEEK

ICE Eyes Onchain Perps Market Entry

ICE CEO Jeffrey Sprecher confirmed the exchange has met with Hyperliquid multiple times to explore onchain perpetual futures, framing prior regulatory conversations not as complaints but as ICE seeking permission to compete in a market it wants to enter.

ICE is already working with OKX to list oil perpetual contracts tracking Brent Crude and WTI benchmarks, signaling a concrete first move into onchain commodities derivatives.
Sprecher flagged the SpaceX IPO on June 11 as a live test case for onchain price discovery, noting TradeXYZ on Hyperliquid has already been running pre-IPO perps tied to SpaceX.
Hyperliquid's 24/7 markets have attracted non-crypto traders seeking weekend exposure to oil during Middle East conflict, a use case Sprecher described as driving significant recent activity.

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Praxis Protocol, a trust and infra network to connect AI agents and trading bots.
infiniFi, a DeFi protocol designed to recreate fractional reserve banking on-chain.

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CHARTS OF THE WEEK

US Seizes $1B in Iranian Crypto

Source: Arkham

State of play: Treasury Secretary Scott Bessent announced the US has seized roughly $1B in Iranian crypto assets, nearly double the $500M figure cited just a month prior, as part of an escalating sanctions enforcement campaign targeting wallets directly.

Bessent said Iran had been stealing $400M to $500M per month through sanctions evasion, calling the seized assets "money stolen from the Iranian people."
Seized crypto assets feed directly into the US strategic bitcoin reserve, with the government currently holding approximately 328,372 BTC worth roughly $24B at current prices.
The US has gone from seizing $500M to $1B in Iranian crypto in under 30 days, signaling an accelerating enforcement posture rather than a one-time action.

Our Take: The message is clear: crypto is not a sanctions escape hatch anymore, and the wallets are being grabbed in real time.

SpaceX Perp Flash Crash Triggers Liquidations

State of play: Ventuals' pre-IPO SpaceX perpetual on Hyperliquid dropped 45% in 30 minutes due to a faulty oracle data feed, liquidating 484 users and wiping $1.74M in notional value before partially recovering.

SPACEX-USDH fell from $2,277 to $1,254 before recovering to ~$2,174, with the crash traced to incorrect data from an offchain pricing provider corrupting oracle and mark prices.
Ventuals committed to compensating affected users within 48 hours, though the total compensation amount has not been disclosed.
Ventuals also runs pre-IPO perps for Anthropic ($7.80M open interest) and OpenAI ($3.34M open interest), raising broader questions about oracle reliability across its pre-IPO product suite.

Our take: A single faulty oracle wiping $1.74M across 484 accounts exposes how thin the risk infrastructure is on pre-IPO perps. Compensation is table stakes. The real fix is redundant pricing sources.

QUICK BITES

US has seized nearly $1B in crypto from Iran.
Spot Bitcoin ETFs see record 10-day outflow streak.
SEC sues Privvy founder over $12.3M crypto scheme.
CFTC opens door for crypto perpetual future contracts in US.
Dev helps rescue $2M locked in 2016 ICO contract for nine years.
JPMorgan CEO Jamie Dimon blasts Coinbase's Brian Armstrong.
NYDIG suggests $1.3B IBIT sale was whale exiting directional trade.
Court-ordered Circle freeze traps $12.6M in Zama cUSDC contract.
Cardano Foundation cancels 2026 summit after treasury funding vote falls short.

NOTEWORTHY READS & MEME

Bmoney’s read on Neobank 101.
DWF’s read on The Pre-IPO Gold Rush.
Joseph’s read on Ethereum Going Back on Offense.

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