J Allen

This is Progress. Conversations about life at the hinge of history with the people building it.

For the record. Banks’ War on Stablecoin Yields Is a Self‑Defeating Cartel Play The banks’ standoff over the Digital Asset Market Clarity Act (CLARITY Act) has moved from caution to farce. They are fighting the one bill that would actually constrain the yield‑bearing stablecoin products they claim will drain their deposits. Banks have spent months trying to gut provisions that let ordinary Americans earn modest returns, 2-4%, on digital dollars through transactional incentives and liquidity rewards. Their fear is clear: if people can hold a dollar‑denominated token in a wallet and earn a real return, hundreds of billions could leak out of low‑yield deposits, squeezing margins and weakening their privileged funding model. That concern might be defensible, if their strategy weren’t completely backwards. By blowing up the White House’s narrow compromise and stalling CLARITY past the March 1 deadline, the banks are preserving the very loophole they say terrifies them. Under the existing GENIUS Act, issuers can’t pay interest, but exchanges and wallets can still offer “rewards” on those same stablecoins. That grey zone is exactly what CLARITY is designed to bring inside the perimeter. The administration’s offer was hardly radical: ban passive “park‑and‑earn” yield that directly mimics deposits, but allow activity‑based rewards tied to payments, transfers, and liquidity. That protects core funding while letting digital‑asset markets remain competitive. The banking lobby’s response was to demand a near‑total prohibition, effectively conscripting regulators to preserve banks’ ability to pay near‑zero on deposits while shutting down anyone who offers a market‑like return. At that point this is no longer prudential oversight; it is naked protectionism. It keeps consumers trapped in a rigged game where incumbents hoard cheap capital and innovation is forced into legal grey zones or offshore. President Trump is right to say the banks are holding the “Crypto Agenda” hostage. Passing CLARITY with the compromise intact, ban idle yield, permit genuine usage‑based rewards—is the only coherent way to protect deposits without strangling a market that already exists. If banks kill that outcome, they may get exactly what they fear: stablecoin rewards growing anyway, just further from U.S. law and closer to the edge of the system, while Americans finally see how little value their so‑called guardians of stability are actually willing to deliver. As President Trump put it, “We’re not going to let the banks strangle innovation just to protect a broken model, Americans deserve real choice, real yield, and a fair system that works for them, not just for Wall Street.”

"THE UNITED STATES OF AMERICA WILL NEVER ALLOW A RADICAL LEFT, WOKE COMPANY TO DICTATE HOW OUR GREAT MILITARY FIGHTS AND WINS WARS! That decision belongs to YOUR COMMANDER-IN-CHIEF, and the tremendous leaders I appoint to run our Military.  The Leftwing nut jobs at Anthropic have made a DISASTROUS MISTAKE..." - President Donald J. Trump

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