according to TheBlock, in response to JPMorgan CEO Jamie Dimon's latest remarks on stablecoin yields, White House digital assets advisor Patrick Witt offered a rebuttal.

Dimon previously stated that platforms paying stablecoin yields should be regulated like banks because "holding balances and paying interest" constitutes banking business.

Witt responded on the X platform, saying Dimon's statement is misleading. He pointed out that what requires bank-like regulation is not the payment of balance yields itself, but the lending or rehypothecation of the underlying dollars backing the balances. The GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter, so stablecoin balances should not be equated with bank deposits.