CampbellJAustin

The bank lobby is at it again, now getting desperate enough that they are saying the quiet part out loud.

The fear? Stablecoins will cause a reduction in bank deposits. Why? Because they compete with banks and commit the unforgivable sin of potentially being a better deal so people will use them.

This is the harsh reality of what is going on. An industry with a government enforced moat, which allows some members to behave like a cartel, is working hard to screw the average American to benefit themselves.

This sort of insider dealing cronyist protection regime is one of the few things the left and the free market right agree is strictly bad.

And yet somehow, here we are, with the anti-crypto army leading the charge to fight against:

Consumer protection and interests
Free market competition and antitrust
Effective anti-financial crime systems

When you are on the side of monopolists, CEOs who actively want to screw their customers, and financial criminals, you've really taken a wrong term.

Hopefully the Democrats in Congress see how toxic aligning with that will be and won't follow Senator Quixote into the dustbin of irrelevance.

0/ Banks: stablecoin companies should not be able to pay interest or rewards or give marketing incentives.

Also banks: get $600 when you open an account and hold a minimum balance with us!

How stupid do you think we are, ICBA?

0/ Banks: stablecoin companies should not be able to pay interest or rewards or give marketing incentives.

Also banks: get $600 when you open an account and hold a minimum balance with us!

How stupid do you think we are, IBCA?

The senate voted for cloture on Genius!

Dem yes votes (16): Alsobrooks, LBR, Booker, Cortez Masto, Fetterman, Gallego, Gillibrand, Hassan, Heinrich, Lujan, Ossoff, Padilla, Rosen, Schiff, Slotkin, Warner

If you are in crypto or care about US consumers, this is a huge win.

If you are in favor of taking back the Democratic party from the all theater no results crowd, this is a huge win.

But if you want the banking system frozen in amber, never to change and never to improve, this is a huge loss. If you want banks to be able to exploit consumers, you were crushed today.

And if you hate the dollar and the United States? Shattering defeat.

Democratic Senate Yes voted on Genius cloture:

Dem yes votes (16): Alsobrooks, LBR, Booker, Cortez Masto, Fetterman, Gallego, Gillibrand, Hassan, Heinrich, Lujan, Ossoff, Padilla, Rosen, Schiff, Slotkin, Warner

If you are in crypto or care about US consumers, this is a huge win.

If you are in favor of taking back the Democratic party from the all theater no results crowd, this is a huge win.

But if you want the banking system frozen in amber, never to change and never to improve, this is a huge loss. If you want banks to be able to exploit consumers, you were crushed today.

And if you hate the dollar and the United States? Shattering defeat.