Just received The Digital Chamber's Stablecoin Reward Principles letter.

Here's what you need to know:
The principles are aimed at balancing stablecoin regulation with market innovation, specifically addressing the "yield and interest prohibition" proposed in recent Senate Banking Committee discussions.
This is what got Brian Armstrong fired up, amongst other aspects of the ongoing market structure bill debates.
Its also the main point the banks are using to argue that capital flight will result from yield being enabled to be passed through to holders.
The Digital Chamber is proposing to do a "Deposit Impact" study two years after legislation passes to review how stablecoin activity affects traditional bank deposits.
They believe, as do I, that this study will show that stablecoins complement rather than disrupt the banking system.
At least in the immediate short-term, the ramifications of this in the mid-longer term, my opinion varies.
At the end, they go on to say they support community banking and local lending, suggesting that crypto rails paired with traditional banking infra will ultimately benefit American consumers.
This bill will get passed. Stablecoin yield will be able to be passed to holders.
However, I fear there's a massive education gap that needs to be filled with banks first, which could take quite awhile.
Many of us want this done before midterms. That's the line in the sand. To be continued...