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

According to The Block, in response to JPMorgan CEO Jamie Dimon's recent comments on stablecoin yields, White House digital asset advisor Patrick Witt offered a rebuttal.

Dimon previously stated that platforms paying stablecoin yields should be regulated like banks, as "holding balances and paying interest" constitutes banking activity. Witt responded on the X platform, stating that Dimon's remarks are misleading. He pointed out that it is not the payment of yield on balances that requires bank-like regulation, but rather the lending or rehypothecation of the dollars that constitute the underlying balances. The GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter, so stablecoin balances should not be equated with bank deposits.