Armstrong said he believes the bill represents a compromise with the banking industry and legislators.

“I’ve got a lot of respect for Jamie Dimon, so it was kind of sad to hear that,” Armstrong said. “I’m a little perplexed by that,” he added. “I think in general, when people communicate through the media, nuance gets lost.” Armstrong said he believes the bill, which seeks to create a regulatory framework for cryptocurrencies, represents a compromise with the banking industry and legislators on the Senate Banking Committee. The bill advanced out of the committee in May despite strong objections from banks over concerns it could permit crypto companies to offer accounts with annual percentage yield, similar to a bank account that accrues interest. Armstrong pointed to restrictions on rewards paid to idle cryptocurrency balances and disclosures on stablecoins as part of a handful of policies included in the bill to appease the banking industry’s requests. “I think it’d be good for the banks,” Armstrong said of the bill. “It would be great for crypto companies as well … Hopefully we can get past the absolutisms and just see if we can get this bill over the finish line.” JPMorgan Chase declined to comment. Armstrong’s initial response to Dimon’s swipe last week was to post a doctored image on social media depicting him and Dimon as the main characters in “Heated Rivalry,” the popular TV romance featuring opposing hockey players who fall in love. Asked if he was aware of the show’s homoeroticism and how that might be projected on to his relationship with Dimon, Armstrong called the show “a beautiful love story” but declined to elaborate on their relationship. “Like I said, got a lot of respect for him,” he said.

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