I have an op-ed in MarketWatch making the case for why Congress should resist the bank lobby's attempt to ban third parties from paying rewards on stablecoins. After pointing out the various false claims of the banking industry, I conclude with the following: Congress and federal regulators should resist the call for protectionism. The banking industry is highly profitable, earning more than a quarter-trillion dollars in 2024 alone. It also enjoys unique protections like the government bailouts that have now become routine. The banking industry has all the tools it needs to either compete with stablecoins or to create new sources of revenue, including by facilitating stablecoins. Alternatively, the government can start treating the banks like the fragile utilities they are claiming to be. Congress can consider an immediate cap on debit and credit-card swipe fees — a massive burden on most businesses, particularly small and family-owned ones. Utilities often face price caps, in part because they are monopolies. The outsize profits of the card industry indicate similar market dynamics, which is why they’ve been capped in other countries. Congress could also pass a windfall tax on banks’ net interest margins. If bank deposits are a public good worthy of protectionism, banks shouldn’t be allowed to earn excess profits off of them. To be clear, I would much rather banks be allowed to keep their profits while adopting the latest technology and competing with new entrants. This basic formula has led to centuries of American prosperity. There’s no reason to change it now.