White House Crypto Council Executive Director Patrick Witt, on Tuesday night, hit out against JPMorgan (JPM) CEO Jamie Dimon’s assertion that crypto companies should be subject to the same regulations as banks if they want to earn rewards on stablecoins. “The deceit here is that it is not the paying of yield on a balance per se that necessitates bank-like regulations, but rather the lending out or rehypothecation of the dollars that make up the underlying balance,” he said in a post on X. “The GENIUS Act explicitly forbids stablecoin issuers from doing the latter.” Simply put, Witt said that the reason banks are ... (full story)