Tom Bilyeu

The legislation divides crypto assets into categories like digital commodities, like Bitcoin and Ethereum, great, regulated by the CFTC, wonderful, investment contract assets, fantastic.

Initially, this was under SEC oversight, not the biggest fan, but nonetheless,

and it permitted payment stablecoins.

That is critical.

Stablecoins are critical.

And wonderfully, it would prohibit Federal Reserve Banks from issuing central bank digital currencies, CBDCs.

I did a whole deep dive on CBDCs, why they are sinister.

Be sure to check that out.

And the idea is for individuals and banks

to basically use this for monetary policy all right good these are good things maybe you could even say that they're great things but and this is the big problem the senate got their filthy hands on the bill and they've made changes in the words of brian armstrong the ceo of coinbase and former supporter former supporter of the bill the reason he withdrew his company's support is because and i quote

There are too many issues, including a de facto ban on tokenized equities, DeFi prohibitions giving the government unlimited access to your financial records and removing your right to privacy, erosion of the CFTC's authority, stifling innovation and making it subservient to the far more political SEC,

Draft amendments that would kill rewards on stablecoins.

This is gonna be something we're gonna focus a lot on.

That allows banks to ban competition, okay?

Not allowing rewards on stablecoins is like not letting you treat stablecoins like a bank, which you should be able to do, and getting paid interest rates, which you should be able to do.

And right now banks don't allow that effectively.

They pay you some pittance, but they're making four and 5% while you make 0.35% or some ridiculous number.

Now, we appreciate all the hard work.

This is back to what Brian is saying.

We appreciate all the hard work by members of Senate to reach a bipartisan outcome, but this version would be materially worse than the current status quo.