Step 1: Prepare Your Pans - Preheat your oven to 350°F (175°C). Grease your two 9-inch round cake pans with butter or non-stick spray and dust with a little cake flour to prevent sticking.
Step 2: Mix the Dry Ingredients - In a medium bowl, whisk together the cake flour, baking powder, and salt. Set this mixture aside while you prepare the wet ingredients.
Step 3: Cream the Butter and Sugar - In a large bowl, with an electric mixer, beat the unsalted butter and granulated sugar together until light and fluffy (about 3-4 minutes).
Step 4: Add the Wet Ingredients - Add the egg whites, whole milk, and vanilla extract to the butter and sugar mixture. Beat until combined, scraping down the sides of the bowl as needed.
Step 5: Combine Wet and Dry Ingredients - Gradually add the dry ingredients to the wet ingredients, mixing just until combined. Gently fold in the rainbow jimmies.
Step 6: Bake the Cakes - Divide the batter evenly between the prepared cake pans. Bake for 25-30 minutes or until a toothpick comes out clean. Let cool for 10 minutes, then invert onto a cooling rack.
Step 7: Make the Frosting - In a large bowl, beat the unsalted butter until creamy. Gradually add the sifted confectioners' sugar, mixing on low speed. Add salt, vanilla extract, and milk or cream to reach desired consistency.
Step 8: Frost the Cake - Once the cake layers are cool, place one on a serving plate, spread frosting on top, add the second layer, and frost the top and sides. Decorate with sprinkles.