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Timmy Shen

Trump crypto advisor Patrick Witt says GENIUS stablecoins could boost global deposit inflows into US banks

Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, argued in a Wednesday X post that GENIUS Act-compliant stablecoins could channel new global capital into the U.S. banking system by meeting overseas demand for dollar-based tokens. His comments come as traditional banking groups warn that yield-bearing stablecoins may drain deposits and as disagreements over stablecoin rewards continue to stall broader crypto market structure legislation, including the Clarity Act.
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