Bailey

This is why I say it's kind of half and half in the way he responded.

He's saying we're rewarding you for the benefit of having the assets available.

The problem is that from a banking perspective, it's the same thing.

This is what people don't understand about the banking system.

When you deposit your assets into the bank and they pay you interest on the deposits,

Many don't know, and I've talked about this in an older episode, the bank is using your assets to invest in stuff and or to extend loans and or to support portfolio.

They're using your money.

The incentive for you to do it is the interest.

That's why they offer it.

That's why CDs exist.

they pay a rate and usually the rates higher for the longer that you lock it in the CD and you cannot withdraw it without a penalty because they're using that money for different things that they want to do, including investment activities.

So in my case, I am looking at it as,

okay, basically these interest rates are garbage.

There's no real value in doing it from the bank's perspective.

It's the same thing as what crypto is proposing to do, which is we're paying you for having access to your funds.

And because it's the same thing, they should be treated as bank deposits.

Again, I don't have skin in that, but I see their, the bank's perspective and I don't conceptually disagree that that's the case.

That's why I said that I struggled to accept that this as written is going to go very much further because you're, you've gone too close to the banking industry with what you've done to cryptocurrency.

Instead of just letting it be its own independent, something standalone, you've created all these silos that are too close to banking.

They're too close to the banking side.