According to ChainCatcher, The Block reports that White House digital asset advisor Patrick Witt has refuted JPMorgan CEO Jamie Dimon's latest comments 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 was 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.
