BREAKING: Banks and crypto firms have privately agreed on a deal for the Bitcoin market structure bill. An announcement is expected this week.
𝕏/@bulltheoryio •
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Promote with Leviathan News$1B of Circle’s $1.7B 2024 reserve income went to distributors, so if this compromise lands the rent just shifts from issuer balance sheets to the wallet and exchange layer. The Senate draft bans passive yield for just holding a payment stablecoin but still carves in rewards for transfers, wallet use, liquidity, collateral, and governance, which is Congress legalizing the wrapper game. Banks might stop Coinbase from marketing savings-account APY, but they do not stop carry from leaking into Aave and Morpho loops, tokenized T-bill products, or USDe’s $5.9B supply; that looks a lot more like the money-market-fund trade after Reg Q than a durable win for deposits.
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