Tom Bilyeu

We'd rather have no bill than a bad bill.

Hopefully we can all get to a better draft.

This is still him.

We'll keep fighting for all Americans and for economic freedom.

Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.

All right.

That's end quote.

Now, I'm going to add we need to build this industry in a safe and trusted way that actually benefits the average American and not just the bankers.

by robbing legal and regulated stable coin issuers of the ability to pay rewards, AKA interest payments, just like a bank is allowed to do, you make it impossible for companies to compete with banks by offering superior interest rates, which is the very thing that they should be using to compete.

And using stable coins basically as a savings account is the future, but not with this legislation.

Now, hours after Armstrong pulled his support, the Senate Banking Committee postponed the January 15th markup session indefinitely, though I have heard rumors that it's actually back on, so we will see what happens with that.

Committee Chair Tim Scott indicated the bill could still pass before midterms, but acknowledged the need for revisions.

The delay highlights ongoing tensions, including the contentious provision that I'm referencing, which is Section 404, how appropriate,

the part that prohibits yield payments on stablecoins, not just from issuers, but also from exchanges, affiliates, or partners.

Now, banks, of course, are arguing this is needed to close a loophole allowing crypto intermediaries to pay interest on stablecoin holdings, which they see as unfair competition.

Bitch, please!

Meanwhile, 53 banking associates, including the American Bankers Association and state groups, have publicly supported the bill.

I wonder why.

framing it as necessary for stability, AKA it helps them maintain their monopoly.

Now, yes, it would be necessary to ensure that banks don't have competition.