White House Digital Asset Advisor refutes JPMorgan CEO's comments on stablecoin yields

DeepFlowTech · 2026-03-04T06:53:56+00:00

White House Digital Asset Advisory Committee Executive Director Patrick Witt rebutted JPMorgan CEO Jamie Dimon's comments that stablecoin yields require banking regulation, emphasizing that only dollars lent out or re-mortgaged from underlying balances need regulation, and pointed out that the GENIUS Act prohibits stablecoin issuers from performing such actions.

DeepFlowTech

2026-03-04 06:53:56

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Deep Tide TechFlow News, March 4th, reports that Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, publicly refuted JPMorgan CEO Jamie Dimon’s comments on stablecoin yields. Dimon previously stated in a CNBC interview that platforms offering stablecoin yields should be regulated like banks, arguing that “holding a balance and paying interest” is a fundamental characteristic of banking institutions.

Witt responded on social platform X, saying that Dimon’s view is misleading and emphasizing that “it’s not the payment of balance yields itself that requires bank-like regulation, but rather the lending or rehypothecation of the underlying dollar balances that necessitate regulation,” and pointed out that the GENIUS Act explicitly prohibits stablecoin issuers from engaging in such activities.

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