White House crypto advisor refutes JPMorgan CEO's comments on stablecoin yields

CoinFeed reported on March 4th that, according to The Block, White House digital asset advisor Patrick Witt refuted JPMorgan Chase CEO Jamie Dimon's latest remarks regarding stablecoin yields. Dimon previously stated that platforms paying stablecoin yields should be regulated like banks because "holding balances and paying interest" constitutes banking business. Witt responded on the X platform, stating that Dimon's statement is misleading. He pointed out that what needs bank-style regulation is not the payment of balance yields themselves, but rather the lending or re-collateralization of the US dollars that constitute the underlying balance. The GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter, therefore stablecoin balances should not be equated with bank deposits.