Bailey

And you're wondering about the follow-ons of the clarity act and what was going on.

I said that I would be surprised if this was going to go anywhere.

And I said that it felt short-sighted.

I felt like it was trying to solve the wrong problem.

I felt that as written, the only way to really do it is to butcher it recently egghead.

Who's the CEO, Brian Armstrong of Coinbase.

There was a back and forth between him and a news reporter,

And Ellie Tourette, I believe is the name Brenda believes.

I'm not trying to insult her.

I'm simply covering what was, what was happening, which is she gave information, presumably provided to her from an insider that gave the impression that the white house was not happy about what was going on with the clarity act and certain things not happening that they wanted to happen.

brian armstrong egghead coinbase comes out and essentially says that what she said is not true however he then backpedaled a bit and said they did ask us to kind of work with the banks on this other piece over here so in one way he's saying she wasn't telling the truth but then in another way she he was saying well it's kind of sort of the truth but it's not as stated

so i wasn't in the room i can't say if it was true or not but what i can tell you is what the crux of the issue is the crux of the issue and it's something i didn't even speak about banks right now when you have a savings account a cd or something else they offer you a yield

So, and we know it's garbage, right?

What the banks are arguing is that with stable coins and this yield that they're offering for these payments, stable coins, obviously the rates are significantly higher than what banks offer.

We know this.

The banks are arguing that because they're going to be higher than what the deposit accounts are going to be, these should be treated as quote bank deposits, thus subject to that regulatory scrutiny.

Now I don't really have a stake in the game.

What I will tell you is that I don't conceptually disagree with the idea that when you, this is why I don't like necessarily the yield farmings and that's why I don't like that.

The counter argument from the Coinbase side is it's not for the purposes of deposit that you're benefiting.

We're not using the money and paying you for the purpose of the deposit per se.