@patrickjwitt If the banks were truly worried about capital flight, they could offer competitive products. But this is not about flight, it’s about competition. Enough of the nonsense.
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Jason Runk
1.1K posts
Jason Runk
@jasonrunk
Husband, Dad, Programmer, Cattle Farmer, Chicken Whisperer, Guitarist, Crypto & Swim-up Bar fan. Just my opinions!
USA Katılım Mayıs 2009
1.9K Takip Edilen386 Takipçiler
“It’s not a true compromise because it doesn’t eliminate yield completely.”
Banks sure have a funny way of defining “compromise.”
Eleanor Terrett@EleanorTerrett
🚨NEW: A divide is forming in bank land over the yield compromise. Big banks with consumer facing arms are taking issue, while those without appear more comfortable with the final language. Some community banks are also signaling support, though @ICBA, which represents them in Washington, is voicing concerns. Following my conversation with a larger bank that shares the concerns of the trades, the core issue is that the language is drafted too narrowly and still leaves room for crypto firms to work around the restriction. In their view, it’s not a true compromise because it doesn’t eliminate yield completely, it just changes how it’s offered. The trades are planning to ramp up outreach to Senate Banking Committee members beyond just @SenThomTillis and @Sen_Alsobrooks ahead of a markup, I’m told. The lead negotiators appeared to suggest the issue was closed in a joint statement last night. More to come in tomorrow’s @CryptoAmerica_ newsletter.
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@JoelKatz @SmurfCity589 I found an exploit on a chain and emailed their engineers. Received tokens and a 1099. Maybe I should have asked for their generosity. 😁
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@SmurfCity589 How do I know whether the people who gave me the tokens did so out of generosity or did so in the ordinary course of their business? That's an important part of the test to see if they're taxable on receipt.
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The first "issue" you mentioned was it a gift and or paid to you in an ordinary course of business Is a question only you can answer to your CPA. I'm leaning towards it being both but make sure you find a tax professional that you can really trust 🙏
I've been looking for one for our community as well. They are truly hard to find at this stage.
David 'JoelKatz' Schwartz@JoelKatz
I'm glad I don't do my own taxes anymore. Just some of the issues with this: 1) Is the FUZZY that I received a gift? Or was it paid to me in the ordinary course of business? 2) What is my tax basis in the FUZZY that I received? 3) When I deposited into the AMM, do I consider the value materialized to be the fair value of the tokens I deposited or the fair value of the LP tokens I got? 4) Must I use FIFO to determine my basis in the XRP tokens I gave up to the AMM? Or can I choose which XRP to consider myself to have disposed of? 5) How do I figure the fair value of the LP tokens I got? Can I use the DEX? The AMM? Before, during, or after my transaction if I moved the market? 6) Can I plausibly argue that some of the values of the tokens involved cannot reasonably be determined to delay capital gains taxes until I eventually move back into more liquid assets? Or do I have to come up with some value by some methodology?
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You are part of a group of people who are mostly rational who are forced to take a private vote by pressing a red button or pressing a blue button. If more than 50% push the blue button, everyone lives. Otherwise, only people who pushed the red button live. Which button would you press? Be honest.
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CEX integration is a major problen,
Fomo {X}@ShortTheFOMO
2 cents on why XRPL can't scale. 1 - markets on DEX vs on CEX don't offer arbitrage because no exchange offer pairs one can deposit and withdraw from. 2 - stables XRP can trade against on its own ledger are not depositable or withdrawable at CEX. END.. fix it.
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@DavidSacks @patrickjwitt The door to a deal is wide open. The banks just need to act in good faith and walk through it.
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.@patrickjwitt is doing an amazing job brokering a compromise between the banks and crypto industry. No one is working harder to get market structure legislation across the finish line. Btw, crypto has made major concessions on stablecoin yield; time for banks to reciprocate.
Eleanor Terrett@EleanorTerrett
🚨NEW: Lots of crypto industry folks jumping to the defense of @patrickjwitt and the White House following comments from an unnamed source claimed to be directly involved in the stablecoin yield talks. I shared the post and the Crypto Twitter reaction with a banking-side source who has direct knowledge of the negotiations. They said the bank trade representatives (from @ABABankers, @ICBA and @bankpolicy) who attended last week’s White House meeting were perplexed by the characterization, do not share the unnamed source’s views and have already relayed that to the White House. Additionally, they’re unsure why the individual characterized the situation in such “nihilistic” terms, noting that both sides are still giving input on text and aren’t necessarily living or dying by the March 1st deadline.
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@MetaLawMan @DavidSacks @patrickjwitt Well said. I suspect they are trying to hide the wizard behind the curtain.
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Hey David, how did we arrive at a place where the Big Banks have a veto over the business practices of their more innovative new competitors?
I’m frankly not interested in whether the Big Banks like yield on stablecoins or not.
Unlike the Big Banks’ fractional reserve model, stablecoin issuers must retain 100% high-quality, liquid reserves under the GENIUS Act.
The fractional reserve banks introduce systemic risk, stablecoin issuers do not.
The Big Banks are permitted to pay interest on deposits.
Stablecoin issuers should likewise be permitted to pay yield to their customers.
There is no logical counter argument.
The idea of barring yield on stablecoins is transparently nothing more than pure protection for legacy banks from competition.
That’s unAmerican and anti-capitalism.
What am I missing?
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@WatcherGuru @SenWarren Will this include, spouses, siblings, cousins, LLCs or Trusts touching the congress person? Seems like term limits is a better solution to the problem.
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JUST IN: 🇺🇸 Senator Elizabeth Warren calls to pass bill banning insider trading and prohibit Congress from owning stocks.
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JUST IN: 🇺🇸 US federal banking regulator proposes rule to restrict stablecoin rewards.
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My brother kept his promise.
He might have been more excited about me retiring than I was.
ebay.com/itm/1276451729…
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@jungleincxrp @PastorTheNerd The banks have fleeced us for decades. He has a valid point.
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@PastorTheNerd Should a crypto exchange be able to act as a bank, without the license and insurance and lend peoples money out to earn a yield?
Remember exchanges arent the ones getting interest on those stable coins via t bills. They have to do baking activities to earn on your money.
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Charles crashes out and attacks Brad Garlinghouse:
What did Charles do when people like Ripple had to fight for their existence? He hid in irrelevance. Not important enough to sue.
How much $$$ did Charles put up for lobbying? Or did he just buy another ranch and Lambo?
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@pharmajak @JohnEDeaton1 Did you have to create an account with the site prior to voting?
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@JohnEDeaton1 Look for an email from Balloting@epiqglobal.com in that email is a document and on page 3 you will see your unique ballot id.
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@BillyM2k 1.8TB is much greater than 2Tb. You got a deal.
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Does the 3rd step rule apply in the endzone as well? I find it odd that a player can jump completely out of bounds, have the ball hit the pylon all while losing possession of the ball to the ground and still score a TD. That's why I always thought the two feet in was odd for the endzone as well. 🤷♂️
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I'm still a little confused after watching film again.
I understand why they called Isiah's catch incomplete because of their 3rd step rule. (I don't like the call)
But the Aaron Rodgers play was 1000% an interception!
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@ByBellaArtist I believe its in reference to bitcoin - re: 21m max supply
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@ChadSteingraber nm. Grok said this - Vanguard is not launching its own crypto ETFs tomorrow (December 2, 2025). Instead, the firm is reversing its long-standing policy to allow trading of third-party crypto ETFs and mutual funds on its brokerage platform starting December 2.
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More access to the Spot XRP ETF's getting unlocked tomorrow.
I've been giving you low numbers on how much they are going to take into AUM
Tuesday --> Vanguard Begins
Watcher.Guru@WatcherGuru
JUST IN: $11 trillion Vanguard to allow clients to buy crypto ETFs starting tomorrow.
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