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

PANews reported on March 4th that, according to The Block, White House digital asset advisor Patrick Witt has refuted JPMorgan Chase CEO Jamie Dimon's latest remarks regarding stablecoin yields. Dimon previously stated that platforms paying stablecoin yields should be regulated like banks because "holding a balance and paying interest" constitutes banking business.

Witt responded on the X platform, stating that Dimon's claim was misleading. He pointed out that what requires bank-style oversight is not the payment of balance returns 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.