Today’s episode digs into the deepening market structure fallout in Washington, tracing how Coinbase’s withdrawal from the bill triggered White House anger, exposed fractures across the crypto lobby, and reignited bipartisan resistance in the Senate, particularly around DeFi liability and stablecoin yield. The episode explores why stablecoin yield has become the central fault line between banks and crypto, with banks warning of deposit flight while critics argue the real issue is banks protecting profits at the expense of consumers, leaving the bill stuck between irreconcilable interests. The result is a pessimistic moment for crypto legislation, where momentum still exists but the path forward increasingly looks like it will require one side to cave—or the effort to collapse entirely.

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