Some initial thoughts, on a quick read (I may come back to make corrections): Follows GENIUS Act in prohibiting yield. Eliminates some of the strange drafting issues from the GENIUS Act, so now payment stablecoins are defined separately and then are explicitly prohibited from providing yield to *holders*. Given limited to paying yield to holders, doesn't seem like Circle/CB-like partnerships are included in the prohibition. If we're going down this route, best approach would be for permission to pay yield contingent on approval by federal regulators. We should at least leave the *possibility* of this door being opened. No reason for complete legislative ban other than to protect banking institutions' deposit-taking business.