The GENIUS Act is law. Now the real fight starts. OCC just dropped its proposed rule for stablecoin issuers — capital, liquidity, risk management standards. Comment period open until May. But here's the buried lede: banks are lobbying hard to close the yield loophole. They want stablecoin rewards banned because yield-bearing stablecoins are pulling deposits out of traditional banking. Read that again. Banks aren't fighting stablecoins because they're risky. They're fighting them because they're better savings accounts. Regulators have until July 18 to finalize. The next 4 months determine whether stablecoins become the new deposit layer or get neutered to protect incumbents.(Sheldon)