Trump admin siding with banks instead of the American people banning stable coin users to receive the yield generated from the backing Tbills. Instead tbe banks will get it all.

ZERO reason why Americans are BANNED from receiving it. Taking away freedoms ARBITRARILY to the benefit of the banks.

It is NOT the government's role to protect legacy corporations against innovations at the expense of American freedoms. Absolutely shameful.

Modern day coin clipping at its finest.

As a by product get ready for your checking account to be converted to stable coins.

You lost freedoms because Banks.

Banks aren't the only issuers of stablecoins. Far from it. Tether, for example, pocketed about $8B in Tbill yield in 2024

Yes but that's how issuers make money. Pocketing some of the yield But the market was allowed to compete and offer varying percents the total yield like circle did with USDC. Now that's going to be illegal because banks didn't like it.

I think what you're talking about though was for sure an olive branch to banks to get genius act passed. Eventually that switch is gonna flip

Its arbitrary restriction and removal of American personal freedoms to protect a dying business model of legacy banks. So much for America first.

I agree. I just dont think they're gonna rip the band aid off like that.

Also, to be fair, stablecoins have been around for a decade but it's essentially the government's adoption of them in the genius act that has turbocharged their growth.

One can always buy gold and silver coins.

Ya. Government needs new buyer of debt and stable coin issuers are about ranked 8 for last year if I recall correctly. They need to pump that number up. Banks essentially held it hostage over the yield. So now banks will likely "adopt" stable coins because of them being neutered. So banks win and government win. Americans lost freedoms. Granted few people are even aware but it still matters.

You're what like 6-9 months late on this post and there are work arounds as the yield ban is only for issuer - meaning coinbase can and is paying yield on USDC. But guess what? Even if there weren't getting this passed was a GREAT thing

I'm talking about clarity act not the genius bill. This was going to clarify the yield question and unfortunately the administration bent the knee to the banking lobbyists.