•Major banks rejected a White House-brokered compromise on stablecoin yields, leading to a legislative impasse.
•JPMorgan CEO Jamie Dimon argued that platforms paying yields on stablecoins should be regulated as banks.
•White House advisor Patrick Witt stated that the GENIUS Act forbids stablecoin issuers from lending assets, distinguishing them from traditional banks.
•New York AG Letitia James led a coalition of states in a lawsuit to block Trump's latest tariffs and demand refunds.
•The lawsuit alleges the administration is misusing Section 122 of the Trade Act of 1974 to bypass a previous Supreme Court ruling against IEEPA tariffs.
•States argue the tariffs violate the Constitution and statutory rules requiring consistent tariff application.
