Alex is back with the full Trust Issues lineup — Lindsay and Emily on the line, Alex on the bill. The hook is Emily's viral nine-minute video on Andrew Jackson, Wildcat Banks, and what happens when the United States purposefully debases its currency. The hidden tee-up: Lindsay had asked in the group DM what happens if non-bank financial institutions start issuing 'bonus points' for their stablecoins. Emily's reply was a novella connecting it back to 1830s monetary policy. Worth watching to understand why everyone on this episode is so alarmed by what comes next.

Then the hosts walk through the brand-new 309-page Clarity Act draft. The headline: GENIUS Act creates the framework for non-banks to issue stablecoins (backed by treasuries; they keep the treasury yield). Clarity makes it illegal to pay any of that yield back to users — passive yield is outright banned. To earn anything as a holder, you have to take on activity-based risk (DeFi exploits, smart contract risk, liquidations, slashing, impermanent loss). The 'kneecap' is intentional. The language that the bill calls innovation-friendly — 'activity-based rewards and incentives' — is the same loophole that could let Klarna, Walmart, or Kohl's issue branded super-dollars and effectively walk us off the US dollar standard. 

The closing read from Alex: GENIUS + Clarity together build a seniorage transfer mechanism — banks and stablecoin issuers pocket the spread between treasury yield and the zero yield paid to holders. The only people winning are giant CEOs. Everyone else gets a worse product.

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