Techub News reports that, according to The Block, White House Digital Asset Advisor Patrick Witt rebutted JPMorgan CEO Jamie Dimon's comments regarding stablecoin yields. Dimon stated that platforms paying stablecoin yields should be subject to banking regulation, as "holding a balance and paying interest" constitutes banking activity. Witt responded on X platform, saying Dimon's statement is misleading; what truly requires banking regulation is the lending or re-hypothecation of underlying US dollar balances, and the GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter, so stablecoin balances should not be equated with bank deposits.
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Techub News reports that, according to The Block, White House Digital Asset Advisor Patrick Witt rebutted JPMorgan CEO Jamie Dimon's comments regarding stablecoin yields. Dimon stated that platforms paying stablecoin yields should be subject to banking regulation, as "holding a balance and paying interest" constitutes banking activity. Witt responded on X platform, saying Dimon's statement is misleading; what truly requires banking regulation is the lending or re-hypothecation of underlying US dollar balances, and the GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter, so stablecoin balances should not be equated with bank deposits.