In January, the CEO of Coinbase, Brian Armstrong, went to Davos, the famous conference in Switzerland, where bigwigs, schmooze and give talks.

But at least one person there was not happy to see him. At one point when Armstrong was sitting in a lounge,

having coffee with former British Prime Minister Tony Blair.

Jamie Diamond walked over and interrupted and he said, you were full of shit, and he pointed

his finger in his face and told him he needed to stop lying on TV.

That is just like not something you see every day. The CEO of J.P. Morgan Chase, the biggest

bank in America getting in somebody's face like that. It was a unique scene in a public setting

also where lots of people witnessed this encounter because it was sort of out

in the open in Davos and it spoke to how the gloves have totally come off between both sides.

How did Brian Armstrong respond? We're told Brian Armstrong sort of kept his cool largely.

That's our colleague Amrith Ramar. He covers tech and regulation.

He says that the Jamie Diamond, Brian Armstrong, confrontation was about how Armstrong

had been saying publicly that banks were trying to sabotage some crypto legislation,

legislation that has banks and crypto firms pitted against each other.

This fight is really about the future of finance in a lot of ways.

It's about how quickly the crypto economy will be embedded in our financial systems.

So the future of these discussions will probably shape how every single crypto product will be regulated,

and that will have a massive impact on the financial system of the future.

Welcome to The Journal, our show about money, business, and power.

I'm Ryan Knudsen. It's Tuesday, March 17th.

Okay. It's Tuesday, March 17th. Coming up on the show, the showdown between the crypto and banking industries. We're

Mutham's cards are here.

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