Exactly - I’m actually impressed the banks can lobby for this with a straight face and not get kicked out of senator’s offices. It takes some serious mental gymnastics. We won’t let anyone reopen GENIUS. Red line issue for us. And will keep advocating for our customers and the crypto industry. My prediction is the banks will actually flip and be lobbying FOR the ability to pay interest and yield on stablecoins in a few years, once they realize how big the opportunity is for them. So it’s 100% wasted effort on their part (in addition to being unethical). The innovators dilemma is undefeated.

Max Avery
@realMaxAvery
12-19
Banks earn 4.4% on reserves parked at the Fed...
They pay you 0.01% on your savings account.
And now they're lobbying Congress to make sure stablecoins can't offer you anything better.
The GENIUS Act already settled this. Congress spent months hashing out a compromise.




From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share





