Ryan Adams

And the banks wanted their yields back.

They realized that they forgot to negotiate harder over the genius bill last week.

And so they wanted kind of a do-over.

And they didn't like the fact that Coinbase and other crypto exchanges could essentially give their users depositors stablecoin yield.

In our mind.

Yeah.

Like the bankless stake here has always been, look, guys, you know, the banks are just taking the yield.

They're trying to protect their monopoly interest.

They don't have any good reason for keeping monopoly over that yield.

And that remains true.

This is why previously Coinbase backed out of the negotiation.

Still.

They are a powerful lobby group in D.C.

And in order to get things done, apparently you have to appease the banks in some way.

So there was a compromise that seemed to have been reached over the stablecoin yield issue.

It's somewhat nuanced, though.

We'll have to talk about who really won the issue.

But what are the details here?

Can you go over that again?

So if the stable coins are just sitting there, they can't provide rewards.