The bad influence of the bank lobby is a shame

New version of the clarity act has been released today... people don’t realize how disruptive yield-bearing stablecoins could have been for traditional banks.

Blockchain basically made it techniclaly possible for regular users to hold digital dollars that are:

• fully liquid
• transferable 24/7
• globally accessible
• and backed by short-term US Treasuries generating ca4–5% yield

In practice, this could’ve turned stablecoins into something like a global high-yield checking account.

For the first time, average people couldve directly benefited from Treasury yields instead of banks capturing most of the upside to fund their skyscrapers and bonusses.

And thats exactly why regulators and banks pushed back so hard.

The compromise basically says:
“You can use stablecoins for payments...but they shouldnt compete with bank deposits.”

Feels like a huge missed opportunity for consumers tbh and I have never felt how rich people are f++++ with the working class so directly. And I know that this will not be in the news and 99% of people dont even realised they got f...ed by the bank lobby today. Its really sad.