Brother Wu has already explained it, so I’ll save myself the trouble. But essentially, this version is still just a discussion—it’s unclear whether it will ultimately pass. Even this compromised version isn’t friendly enough to transactional (attempted) compliant stablecoins like USDC and USD1. USDC allows Coinbase to earn interest directly by holding the coins, and it’s one of Coinbase’s main methods of attracting deposits. However, Coinbase’s lending or staking interest thresholds are very high, requiring professional investor certification in certain countries and regions. For example, with ETH staking now, if you haven’t completed professional investor certification, you can’t benefit from it. What’s even more troublesome is that this bill essentially restricts U.S.-based exchanges, while it doesn’t really affect overseas exchanges. Among U.S.-compliant exchanges, Coinbase is the one most deeply tied to stablecoins. This also makes it difficult for USD1, which expanded aggressively in its early days, to collaborate with Coinbase. So, if this bill does pass in its current form, revenue from stablecoins for U.S.-compliant exchanges could drop significantly.