Tomorrow's Warsh speech is titled 'Financial Innovation: Implications for Payments and Policy,' and it's highly likely the focus will be on payment innovation, supporting the Genius Act. If he leans toward the 'bank issuance + tokenized deposits' route or expresses concerns about deposit disintermediation by non-bank issuers, that would be dealing the cards to bank-affiliated players like SoFi/JPM, while non-bank issuers like Circle could end up as relative losers.