White House rejects Dimon's call for bank-level crypto rules

White House Crypto Council director Patrick Witt rejected Jamie Dimon's push for bank-level crypto regulations. Witt argued stablecoin issuers don't lend deposits, unlike banks, eliminating the "deceit" of comparing the two. He noted the GENIUS Act forbids lending, distinguishing their risk profile. President Trump also criticized banks for stalling the CLARITY Act.