💥BREAKING:
🇺🇸White House crypto Patrick Witt pushes back on Jamie Dimon of JPMorgan Chase, saying stablecoins are not deposits.
He adds the GENIUS Act already bans the lending practices that would require bank-like regulation.

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By citing the GENIUS Act, he emphasizes that existing legislation already prohibits risky lending practices tied to crypto, reducing the need for bank-style oversight.