As the focus on mark ups of the crypto market structure bill really heats up in the Senate, I’m concerned that something so obvious to me—the fact that retail should be allowed to receive rewards related to stablecoins—will be allowed going forward. If you ask senior Republican staffers about the issue and the response is, “Well, you know…the community banks…” then the direction of travel is obvious. Two things to consider: 1. We already have a stablecoin law. It’s called GENIUS. 2. Stablecoins are net interest income for someone. In an age when income inequality remains a very big existential concern, I really struggle to see how depriving retail of rewards is good policy. History will frown on those who suppress it. What’s next? Airline rewards? Bank deposits? If the concern is around losing deposits and thus loans, consider releasing poorly calibrated regulatory capital. And release stagnant collateral that is artificially high due to slow settlement windows. This can be accomplished through the integration of blockchain technology. I think many of the big banks (GSIBs) would take that trade all day long = let retail receive stablecoin rewards but lower my reg cap in places. I’d bet the community banks would come around, too. This is a better way.