I want to give a shoutout to @brian_armstrong and the rest of the Coinbase team for taking a principled stance on the stablecoin yield issue, however contentious it has become. I know it's easy to dismiss it as their self-interest, but this argument is overrated. Stablecoins will be so competitive that eventually nobody will make money from the yield, one way or another. One could even argue that Clarity would significantly boost Coinbase's other revenue-generating products, and those have better moats. The yield issue is personal for those of us who came to crypto for the right reasons. Not for any financial reason—I myself have no direct dog in this fight—but out of principle. A yield-bearing digital dollar that is issued by an unlevered institution, and can be used by anyone anywhere without permission, to make 24/7 payments, on a platform where it can be atomically swapped for any other asset, this is one of the greatest monetary products ever invented. It gives ordinary people the kind of access and income that Wall Street never has, and importantly, never will. It also allows the kind of financial innovation that TradFi gave up on a long time ago: useful, creative, disruptive. The big banks trying to kill this type of progress via legislation is wrong. What other industry tries to outlaw competition and lobbies for rules that make their customers worse off? Particularly after the endless bailouts it has collected from those same customers? But for them to do this via lies and misinformation, often emanating from their highest executives, that's just shameful. It offends the little boy inside me who was taught a long time ago to always tell the truth, even if it costs me something. I won't rehash every debate here, but let it be said once and for all that banks are not vital for most credit creation in America. That there has never been a credible academic argument that allowing competition for deposits would materially hurt lending. That cheap deposits enable bank profits, not cheap credit. That it is the big banks who are likely to destroy community banking thanks to their aggressive expansion plans (and TBTF Status), not stablecoins. That it is just as likely that yield-bearing stablecoins decrease the cost of credit across the US economy as it is they increase it. The only thing we know for sure is such a product would increase income for savers. That barring yield on domestic stablecoins will just mean our tax dollars flow to foreign holders who don't have such restrictions. Foreigners shouldn't have access to better dollars than we do. I understand the argument that drawing a line on this issue could prove costly for the industry, particularly if the political winds shift. I also understand the importance of compromise. But there are some battles where you just have to draw a line, because the tactics used by the opposition reveal a lack of integrity. If Wall Street succeeds in hampering stablecoin adoption it will go after permissionless networks and DeFi next. Kudos to Coinbase for fighting the good fight. Disclosure: I have no financial ownership or relationship with Coinbase whatsoever, except being their customer. I think their fees are way too high and their products are often crappy. They should spend more resources on protecting customers from scams.