@CASE_forAmerica Reminds me to transfer my balance from my bank to Coinbase. Banks don’t want to give us yield and prevent anyone else from doing so? Got it.
Big banks paying you ten basis points on your savings isn’t “safety” — it’s a complacency tax.
People leave money there out of habit, not strategy.
Meanwhile, FDIC-insured neobanks are paying real yield.
The panic about deposits fleeing to stablecoins is a smokescreen, says @novogratz
Consumers already move when it makes sense.
Over time, an interest-bearing, fully backed stablecoin beats parking cash in a system that might bail you out.
What’s truly ironic is watching both parties defend the banks instead of the customer.
Follow the incentives — the truth is usually there.
@davidsacks47 Protecting the banks with a regulatory moat not only screws the American consumer it prevents forcing the banks to upgrade their technology so as to compete with fintechs. If the banks won’t return yield to the consumer, let the stablecoin companies and their affiliates do so.
BANCOS AMERICANOS QUEREM SEQUESTRAR A INDÚSTRIA DE CRIPTOMOEDAS
Todo mundo celebrou o CLARITY Act.
Finalmente regras claras. Finalmente legitimidade.
A indústria inteira engoliu com champagne. Ninguém leu as 250 páginas.
O CEO da Coinbase leu.
E percebeu que os bancos estão na verdade tentando enfiar uma lei protegendo $6,6 trilhões em depósitos deles.
A matemática é simples:
Bancos pagam 0,1% de juros pra você.
Stablecoins seguram T-bills rendendo em torno de 4%.
Em $10.000, isso é a diferença entre $10 e $400 por ano.
No seu bolso.
Os bancos fizeram essa conta antes de você.
O CEO do Bank of America admitiu ontem no earnings call:
“$6 trilhões em depósitos podem fluir do sistema bancário para stablecoins. Isso reduz capacidade de empréstimo.”
Tradução:
→ Juros em stablecoins = fuga de depósitos em massa
→ Dinheiro 100% reservado = sem alavancagem fracionária
→ Bancos perdem funding de graça = lucros evaporam
Então tornaram a competição ilegal.
Proibido pagar rendimento só por segurar stablecoin.
Cada caminho pro seu dinheiro render mais, fechado por lei.
Brian Armstrong retirou o suporte da Coinbase às 23h. O Senado adiou a sessão na manhã seguinte.
Isso não é regulação. É o cartel bancário escolhendo árbitro, bola e placar.
American Bankers Association. 52 associações bancárias estaduais.
Todos juntos pra sufocar no berço uma indústria que eles não conseguem vencer em campo aberto.
A “clareza regulatória” chegou.
Clareza de que os bancos não vão largar o osso.
Maior golpe regulatório da história financeira americana. Embalado como inovação.
Stablecoins ainda são dólares. Dólares ainda são deles.
Bitcoin é a única saída que não passa pelo Congresso.
With all due respect @SenatorTimScott, you are on the wrong side of TWO key issues:
1) Banks should NOT be subsidized by rules that prevent competition, the result of which, would be MORE money in the pockets of the average American.
YET, this bill does so.
2) Privacy and self sovereignty SHOULD be enshrined as a right and the government should have to PROVE risk to be able to override it. (4th Amendment)
YET, this bill presumes everyone is guilty to allow unlimited surveillance.
@paulbarrontv@brian_armstrong Protecting the banks with a regulatory moat not only screws the American consumer it prevents forcing the banks to upgrade their technology so as to compete with fintechs. If the banks won’t return yield to the consumer, let the stablecoin companies and their affiliates do so.
@mindthelongterm@Vivek4real_ Protecting the banks with a regulatory moat not only screws the American consumer it prevents forcing the banks to upgrade their technology so as to compete with fintechs. If the banks won’t return yield to the consumer, let the stablecoin companies and their affiliates do so.
@Vivek4real_ Protecting the banks with a regulatory moat not only screws the American consumer it prevents forcing the banks to upgrade their technology so as to compete with fintechs. If the banks won’t return yield to the consumer, let the stablecoin companies and their affiliates do so.
@SenatorTimScott Protecting the banks with a regulatory moat not only screws the American consumer it prevents forcing the banks to upgrade their technology so as to compete with fintechs. If the banks won’t return yield to the consumer, let the stablecoin companies and their affiliates do so.
53 banking associations just wrote themselves a $6.6 trillion protection bill.
They called it the CLARITY Act.
Here is what they do not want you to understand.
Banks pay depositors 0.1% interest. Stablecoin issuers hold Treasury bills earning 4.5%. If stablecoins could pass that yield to users, banks lose the deposit war. They cannot compete. The math is fatal.
So they made competition illegal.
The Kansas City Fed calculated what happens if stablecoins pay competitive rates. Banks lose 25.9% of deposits. $1.5 trillion in lending capacity vanishes. The entire community banking model collapses.
Their solution was not innovation. Their solution was legislation.
The CLARITY Act everyone is celebrating contains Section 404 prohibiting yield payments through any mechanism. Not just from issuers. From exchanges. From affiliates. From partners. Every single pathway to competitive returns, closed by statute.
Brian Armstrong reviewed the 278-page draft for 48 hours. He withdrew Coinbase support at 11pm. The markup was postponed by morning. He saw what Wall Street analysts missed entirely.
This is not crypto regulation.
This is Dodd-Frank for digital assets. Incumbents writing rules that crush competitors. Regulatory capture so brazen they published the lobbying letters on their own websites.
The American Bankers Association. 52 state banking associations. The Community Bankers Council. All coordinating to eliminate an industry they cannot beat in open markets.
Meanwhile China made e-CNY interest-bearing on December 29.
America is banning stablecoin yield while Beijing is paying it.
The crypto industry spent years begging for regulatory clarity.
They got it.
Clarity that $6.6 trillion in deposits will be protected at any cost. Clarity that banks write the rules. Clarity that if you cannot win in markets, you win in Congress.
This is the largest regulatory capture event in American financial history.
And it is being sold as innovation policy.
I've never been more bullish about clear rules for crypto. It’s obvious that market structure is a freight train that's left the station.
But that hasn't stopped the big banks from coming for another handout - this time paid by your crypto rewards. They want to undo your right under the GENIUS Act law to earn USDC rewards. Don't let them.
Banks want to ban rewards to maintain their monopoly, and we're making sure the Senate knows bailing out the big banks at the expense of the American consumer is not ok.
@krassenstein@MalcolmNance It is very possible this was done by a foreign actor trying to throw our country into chaos. Let calmer minds prevail. We may have disagreements with each other but we still have more in common than not.
@StealthMedical1 It is very possible this was done by a foreign actor trying to throw our country into chaos. Let calmer minds prevail. We may have disagreements with each other but we still have more in common than not.