The CLARITY Act was supposed to bring order to US stablecoin regulation. Instead it's stalled – and Coinbase just rejected the latest draft for the second time. We break down why the yield ban is so specifically damaging to Coinbase's revenue model, what it means for the Circle-Coinbase relationship ahead of their August renegotiation, and whether Armstrong's opposition is a genuine veto or a negotiating position.
Plus: what happens to yield demand if it's simply banned on compliant products, whether US gridlock hands Europe and Asia a real advantage, and what USDC falls back on if passive holding incentives disappear.

Host: Louis Thompsett
Guests: Callum Williams & Kieran O'Connor
Producer: Anaya McDonald
Editor: Anaya McDonald