CoinVoice has learned recently, according to a report by The Block, that White House digital asset advisor Patrick Witt rebutted JPMorgan Chase CEO Jamie Dimon’s latest remarks about stablecoin yields.



Dimon had previously said that platforms paying stablecoin yields should be regulated like banks because “holding balances and paying interest” already constitutes banking activity. Witt responded on the X platform, saying Dimon’s comments are misleading.

He pointed out that what needs banking-style regulation is not the yield on payment balances themselves, but the lending or re-hypothecation of the underlying dollar balances. The GENIUS Act has clearly banned stablecoin issuers from engaging in the latter, so stablecoin balances should not be equated with bank deposits.
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