CampbellJAustin

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.

I have a proposal for everyone opposing the stablecoin bill. I will withdraw my opposition and convince all the crypto people to drop theirs as well if you will propose a bill that does the following:

If banks want to be eligible for FDIC insurance they must

1 - Pay all depositors at least the risk free rate

OR

2 - Cap total compensation (including all benefits) at 3x the median income of American workers for all employees at the bank and within the corporate family that owns the bank, as well as a total ban on paying dividends or buying back stock

If you will stop banks from ripping off depositors or turn banks into public utilities and force them to retain capital instead of paying out executives and investors until they can pay an appropriate rate to depositors, then stablecoins are less relevant.

But if you oppose stablecoins and won't do this...

Why are you supporting massive payouts for bank executives who rip off their customers?