Jack, the sanity slayer

This framing is wrong. Banks aren’t blocking market structure because they’re scared of yield. They’re already preparing to move onto crypto rails, issuing stablecoins and letting customers participate in DeFi through compliant, regulated infrastructure. The real pushback is coming from centralized exchanges that want to be banks. Parking capital on an exchange so they can lend it out and throw users a cut isn’t decentralization, it’s the same banking model with a crypto logo. That’s why Coinbase is panicking. They don’t have a bank-grade, compliant DeFi rail built end-to-end, so instead of adapting, they’re lobbying to preserve a model where capital stays parked and they remain the middleman. If you actually read the draft, it’s pro-DeFi: • rewards for participation • lending, borrowing, liquidity • capital in motion, not parked And here’s the signal everyone’s ignoring: Out of all the major blockchain projects, fintech firms, and institutions involved, Coinbase was the only one loudly opposing it. This isn’t banks vs crypto. It’s compliant infrastructure vs exchange gatekeepers. Crypto wasn’t meant to replace banks with Coinbase. It was meant to remove the middleman, quietly and at scale.