Trump crypto adviser rebuts Jamie Dimon’s call to treat yield stablecoins like banks

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The White House fully enters the clash between traditional and crypto banking: Patrick Witt, a digital asset advisor, rejected the approach of Jamie Dimon, CEO of JPMorgan, to regulate as banks the issuers of stablecoins with performance, claiming that the Genius Law prevents lending the reserves that support them. *** Patrick Witt said that under the Genius Law, issuers cannot lend reserves. He argues that, therefore, the stablecoins “are not d…