White House crypto advisor Patrick Witt slams banking lobby deposit fears

  • Patrick Witt criticized the banking lobby's concerns about deposit flight.
  • Deposits grew despite stablecoin rewards.
  • Patrick Witt cited Clarity Act yield caps and breakers, warning protections vanish if it fails.

White House crypto advisor Patrick Witt criticized the banking lobby's concerns about deposit flight, saying deposits grew despite stablecoin (cryptocurrency designed to track stable value) rewards. He cited the Clarity Act's yield caps and breakers, and warned that bank protections would vanish if the bill fails.

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