Travis Hoium

So that would be the disruptive angle.

Is Lewis saying it's good that we're not enabling some of this disruption from stable coins, which is going to just entrench companies like Visa and MasterCard?

I guess, what are your thoughts looking at that?

Because

That seems like the angle that Coinbase or Circle is going for is, hey, this is better.

It's more efficient.

But now we have regulatory capture coming in, which is always going to be a challenge.

Well, Lou...

I do want to push back on that a little bit because the piece that we're missing here is there is still money, billions of dollars of revenue coming into these stablecoin companies because these assets are backed.

In the case of USDC, I think it's their around $80 billion market cap today.

That money isn't just sitting in an empty room.

It's sitting in bank accounts.

It's sitting in US treasuries.

That is generating interest.

What they're doing with rewards, what they're calling rewards, is just returning that to the people that are actually holding the coins.

Now you're saying you can't give them that money.

So that profit is going to go to companies like Circle and Coinbase.

Is that better?

Like, I think that's the argument you guys are making is that that's better not to give the rewards out.

That seems a little bit backwards.