As I told @paulbarron, when it comes to passive yield/rewards on stablecoins, I think it’s a disgrace that the banks are getting a win - which is a loss for consumers. I believe in real capitalism not crony capitalism where we protect incumbents from innovation. In a true capitalist system, a business either innovates and evolves or it dies. Period. As I said, @IOHK_Charles makes valid criticisms of the Clarity Act. But if there’s no Clarity legislation passed into law and come November, the Senate flips, along with the House, @ewarren becomes the Chair of the Senate Banking Committee - which oversees the @SECGov. And if the Democrats win the White House in 2028, she’ll get to handpick the next Chairman of the SEC. Hell, out of spite alone, she might have Gensler come back to undo everything @SECPaulSAtkins and @MichaelSelig have done to provide guidance and facilitate innovation in America. Passing legislation and making it the law - even flawed legislation - makes a redo much much harder. Now, with that said, If I was in the Senate, I would fight for yield and publicly name and shame every fellow Senator who sold out to the banks, screwing over regular people. I would maintain a negotiation posture of “F the Banks.” I would also offer amendments like: 1) a Safe Harbor giving new projects 3-5 years to meet decentralization requirements before being subject to SEC oversight; 2) limit subjective SEC discretion by objectively defining decentralization markers (eg, no one-entity has more than X voting power); 3) explicitly state Code is protected free speech; 4) create a simple and streamlined, low-cost registration path for small-scale projects that should be exempt from the full weight of reporting requirements. A small-scale community driven project should never have to worry about Regulation by Enforcement. Imagine a capital raise of $5 million and needing to allocate 7 figures for compliance. What we need more than anything is electing Members of Congress who will do their jobs and put the American people ahead of politics.(John E Deaton)