GM to the winners club. Crypto Nutshell Pro #81 divin’ right in… 🧙🥜

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The goal?

Help you understand exactly where we are in the cycle.

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Now, let’s jump in…

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Bitcoin is hovering around $73,000.

The S&P 500 just closed at the highest level in its history. Oil dropped below $87 for the first time in over a month.

And the CEO of America's largest bank went on national television to declare war on crypto.

Let's get into it. 👇

1. Jamie Dimon Doesn’t Like It

On Friday, JPMorgan CEO Jamie Dimon went on Fox Business and did something unusual.

He didn't just criticise crypto regulation. He made it personal.

When asked about the CLARITY Act, Dimon said he's unhappy with the bill as written. He argued it allows crypto firms to "effectively pay interest on deposits, stablecoins or something like that, without the protection that they should have."

He then vowed that JPMorgan and the banking industry will fight the bill. "If we lose, we lose. But it will be fought."

When anchor Maria Bartiromo asked specifically about Coinbase, Dimon escalated further: "No one is going to bow down to this guy or that company. He's spending hundreds of millions of dollars in Washington on this thing. He's full of shit."

This isn't a policy disagreement anymore. This is open warfare.

Here's what's actually happening beneath the theatrics.

The CLARITY Act passed the House last year with massive bipartisan support: 294 to 134.

It cleared the Senate Banking Committee earlier this month, 15 to 9.

It now needs 60 votes on the Senate floor to advance.

The fight that has held everything up for months comes down to one specific question: should crypto platforms be allowed to pay rewards on stablecoins?

Banks are terrified of this.

If users can earn rewards on stablecoins sitting on Coinbase, they have less incentive to keep deposits at a bank. The banking lobby claims this could reduce deposits available for consumer lending by as much as 20%.

Senators Tillis and Alsobrooks crafted a compromise. Crypto platforms can't offer passive yield, but they can offer rewards tied to real activity: transactions, network participation, actual usage. Think credit card cashback, not savings account interest.

Banks rejected it anyway.

Put simply: Dimon isn't fighting because the bill is dangerous.

He's fighting because it works. A regulated crypto ecosystem with activity-based stablecoin rewards is an existential threat to the deposit-driven business model that made JPMorgan the largest bank in America.

Polymarket odds of the CLARITY Act being signed into law by end of 2026 have slipped to around 59%, down from 68% after the Banking Committee vote. The calendar is tight. The Senate has limited session days before midterm season takes over.

But the bill is further along than any crypto legislation has ever been. Trump posted this week that he aims to "codify a future-proof digital asset market structure."

Coinbase's Chief Policy Officer responded to Dimon by saying it's "time for the Senate to bring the CLARITY Act to the floor."

Dimon may fight it. He may even slow it down. But the direction is set.

2. The Government Is Already Using Crypto as a Weapon

Here's the part that makes Dimon's position more complicated than he'd like it to be.

On the same day he was trashing crypto on Fox Business, Treasury Secretary Scott Bessent revealed that the United States has seized approximately $1 billion in Iranian cryptocurrency. That's nearly double the $500 million estimate from just one month ago.

"I believe that we have seized about a billion dollars of their crypto," Bessent told Fox News. "Just outright grabbed the wallets. Some of them may be typing in right now and might not realize that their wallet has been grabbed."

The Treasury estimates Iran was stealing $400 to $500 million per month through sanctions evasion via crypto.

The government's response? Track the wallets. Seize the assets. Use the blockchain's own transparency against them.

The administration's stated policy is to add forfeited crypto to the US digital asset reserve once legal proceedings are complete. The government already holds approximately 328,372 BTC, worth over $24 billion at current prices, making it the largest known state holder of Bitcoin in the world.

Now, let's be honest about what this actually means.

Because there are two ways to look at it.

The first: the US government is using the very infrastructure that Dimon wants to constrain. He says crypto shouldn't function like financial rails. The Treasury is already running sanctions enforcement on those exact rails. That's a powerful contradiction.

The second: "just outright grabbed the wallets" is not exactly a tagline for financial sovereignty. One of crypto's founding promises was censorship resistance. The idea that no government could freeze your assets the way they can freeze a bank account. The US Treasury seizing a billion dollars in crypto wallets is a demonstration that the state can, and will, exercise control over these networks when it wants to.

Both of these things are true at the same time. Crypto is now important enough that the world's most powerful government uses it as a tool of economic warfare. That validates the infrastructure. It also proves that the "outside the system" narrative has limits.

For us as investors, the practical takeaway is simpler. The US government is accumulating Bitcoin through seizures, not selling it. It's treating crypto as a strategic asset. And it's doing all of this while the CEO of its largest bank argues the technology shouldn't be allowed to compete with traditional banking.

The irony isn't that crypto won. It's that the fight Dimon is waging has already been decided by his own government. They're just not on his side.