The Daily: White House crypto advisor Patrick Witt slams Jamie Dimon’s stablecoin yield logic as Trump takes clear side in the debate, and more

White House crypto advisor Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, rejected JPMorgan CEO Jamie Dimon's assertion that stablecoin yield necessitates bank-style regulation. Witt argued that such regulation is only required when issuers lend or rehypothecate reserves, not merely for paying yield, noting the GENIUS Act bans lending reserve assets. This dispute is a key hurdle in crypto market structure legislation negotiations.

Separately, President Donald Trump publicly sided with the crypto industry, accusing banks of threatening the GENIUS Act and urging Congress to pass the Clarity Act quickly so Americans can earn more on their money. Banks are pushing for tighter rules on stablecoin rewards, fearing deposit loss.

In other industry news, Kraken's banking arm secured a Federal Reserve master account, allowing direct settlement via Fedwire, a first for a crypto-native firm. Additionally, K33 research suggests Bitcoin is deeply oversold with no compelling reason to sell, and a BPI study found that frontier AI models favor Bitcoin as a store of value and stablecoins for payments.

(Source：The Block)