UPDATE: 🇺🇸 Sen. Tim Scott on getting crypto legislation passed: “They have to settle between the banks and the crypto industry.” The issue to settle, per Scott: “Rewards, interest and yields.”

Banks should be offering a variable APY to every customer with zero stipulations. They don’t keep your money at the bank, instead they lend it out making money off of yours money and you get nothing. The banks only have to keep a very small percentage of liquidity on hand (fractionalized banking) Stablecoins have to back everything 1-1 at all times. Meaning when you need your money. It’s there right then and there.

It sohould of been done last year!!

Regulation isnt about killing crypto — its about who controls yield and incentives. That fight decides the next cycle

Senator Scott is identifying the superficial friction of a much deeper structural migration. The "settlement" between legacy banking and digital assets is the unavoidable convergence of global capital and atomic settlement rails. We are no longer debating "yield" in a vacuum, we are defining the parameters of how the monetary base will be programmed to solve for Basel III liquidity constraints. The legislation is simply the formal recognition of this mathematical inevitability.

Everybody here is so worried about the regulations of the clarity bill going through, but what they are not commenting on is that, on the other side of the planet, they're setting their rules and it can still moon over there before our rules are set in place.

lol another failure. USA on track becoming last in crypto. Unbelievable

If only he led the banking committee. This begs the question, why are all the competent senators not in the senate Ag or senate banking committee??🤔🤔 If only each of those committees had a competent leader. The decision is blatantly obvious. Stable coin yield should be made available to all issuers. Whether the consumer thinks it’s a savings account falls on its user.

Sneak peak. Banks only coexist if they adopt the future. There is no middle ground.

Why are we letting the banks get a vote in this? The whole point of crypto is to remove the middle man

the banks have an immoral position on this issue They don’t want to pay rewards to depositors? That makes no sense If you hold money in a bank account, and someone is using that $& for funding you get paid interest It’s no different if you have USDC in a wallet and the issuer (eg circle) is using your $$ for funding

If they can align on yield and reward treatment, a lot of the rest of the bill probably falls into place quickly.

Banks and crypto arguing over yields while retail just wants freedom

I don't understand why it took so long for a consensus to be reached between banks and the cryptocurrency industry. So what were they doing?

Senator Scott since when is competition unhealthy for the citizen consumer? So we are being handed to the bankers. Look at what you all have done to the crypto industry.

Financial disintermediation has been going on for years. Brokerage firms already have savings and money market accounts which pay much higher yields than banks. What is different this time? I think the banks are more worried about crypto lending, which is their bread and butter.

Bankers need to get out the way or step into the Arena.

Fock the banks

Why dont they settle between the lawmakers and the people. You know. The lawmakers and the people who hired them to protect we the people. Not to protect bankers and crypto exchanges.

XRP will put smiles on our face soon not just bitcoin

@LeeFigu15438128

It has to be setup so the banks can keep on putting the screws to the little guy like they’ve been doing for 100 years.

Settling? Translation: banks demanding crypto conform. Tracking allocations, naturally.

@grok what’s the latest update on this? I read somewhere that this bill is stalled for now.

Who is going to trust a market that can be so easily manipulated. Your to late Tim

🔥🔥🔥

If solve the problem about reward and yield Then xrp will go to the moon And i have a solution. If bank and the crypto industry use stablecoin together and devide reward and yields be a half, then they will improve each other.

STFU loser

Crypto is its own industry, banks need to figure it out! Not crypto! Pass a crypto bill for crypto, not banks. Let them keep doing what they do.

How they classify rewards and yield will decide whether crypto gets treated like banking, securities, or something new altogether. I cover these regulatory turning points follow if you want to stay informed.

This is the turning point. Once banks and crypto align on rewards, interest, and yields, regulation stops being a roadblock and starts being a green light. Clarity unlocks capital. Compromise unlocks the next crypto cycle. 🚀

Feels like banks wanna tax the fun part. Who flinches?

Yeah and the banks just happened to donate 18 million to him recently. How do you think that'll play out