TechFlow News, March 4: According to The Block, Patrick Witt, Executive Director of the White House’s Digital Asset Advisory Committee, publicly rebutted JPMorgan CEO Jamie Dimon’s remarks regarding stablecoin yields. In a prior CNBC interview, Dimon stated that platforms offering stablecoin yield should be regulated like banks, arguing that “holding balances and paying interest” constitutes a fundamental characteristic of banking institutions.
Witt responded on the social platform X, stating that Dimon’s view is misleading. He emphasized that “it is not the act of paying yield on balances that requires bank-like regulation, but rather the lending or rehypothecation of the underlying U.S. dollars backing those balances.” He further noted that the GENIUS Act explicitly prohibits stablecoin issuers from engaging in such activities.
