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UPDATE: The White House Crypto Council Executive Director fired back at @JPMorgan CEO Jamie Dimon, saying stablecoin issuers aren't banks because they can't lend out your money.Patrick Witt (@patrickjwitt):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. The GENIUS Act explicitly forbids stablecoin issuers from doing the ...