Too little, too late. The banks finally read the fine print they signed. A week after the Tillis-Alsobrooks compromise dropped (& after their lobbyists sat in the White House negotiation sessions that produced it). They've suddenly noticed that "rewards calculated by referencing a user's account balance" is a long way of saying "interest". They're right & that's the whole point. But they're also a week late & a Senate markup short. The deal is "complete & final" as Tillis & Lummis have declared. Trump is behind the bill (his admin knows what's at stake).. Treasury wants the carve out because the Bretton Woods 3.0 framework depends on it. What banks could realistically still extract: tighter definitional language, disclosure requirements, sunset clauses (more cosmetic stuff). But they won't get the removal of the balance or duration calculation method because that's the core of the entire compromise. The banks own letter gives away the game: they argue the carve out will "incentivize customers to hold & grow stablecoin balances at the expense of deposits." That's right. Welcome to free markets, may the best player win. Banks lost the entire fight the moment Treasury decided that stablecoins will be the marginal buyer of US debt. Bretton Woods 3.0 doesn't need their consent. Hyper digital dollar maximalism.