Patrick Witt challenges Jamie Dimon's stablecoin yield stance as Trump backs GENIUS Act and Kraken secures Fed master account

Patrick Witt, who leads the President's Council of Advisors for Digital Assets, disputed Jamie Dimon's argument that paying yield on stablecoins should automatically trigger full bank-style regulation, while Donald Trump publicly backed the pro-yield GENIUS Act and urged swift passage of the Clarity Act. Kraken's banking unit obtained a Federal Reserve master account, K33 described bitcoin as deeply oversold despite recent losses, and a Bitcoin Policy Institute study found AI models favor bitcoin for long-term value and stablecoins for payments.