David

That's now.

And really, the fight is being over DeFi, DeFi treatment, whether the front-end devs or developers at all are intermediaries and also stablecoin rewards and yields.

The banks should get the money.

It is destabilizing, in a sense, of their whole paradigm.

Yeah, they did a whoopsie in the genius bill.

Yeah, yeah, that's right.

Maybe just to make this a little bit more clear, the BlackRock's tokenized Biddle Fund passes yield onto its holders directly on-chain natively as a part of the Spark contract.

That is also a security.

In the Genius Bill, they blocked that from being able to be done with normal stable coins.

So if you hold USDC or Tether, you cannot get the yield of the interest of the T-bills that back it.

But the loophole that Ryan said the industry flanked around the banking lobby around is that if you hold your USEC on Coinbase, Coinbase gives you 4 point something percent, 4.25 percent as a reward, not as interest, as a reward, a customer reward for doing that.

And that's like the loophole that the banks were like, wait a second, that's not what we meant.

And so they are trying to close that loophole in this way.

bill.

And that is the thing that they are being a very significant hardliner on.

Right.

I'm going to call my senator.

Or DeFi.

I know what that is.

Dude, they're like, what is DeFi?