you can get a 4% or more reward for having stable coins versus your bank deposits, which are,

you know, less than 0.7% yield. It's a competitive thing now and they don't want to compete. My

feeling is, you know, let's let's have an even playing field here. If you want to give that APR and

your savings accounts, great, do it. Then we can compete on,

you know, a level playing field. But this idea that they're going to kind of hamstring us because

they don't want to compete, I think is really unfortunate. Bankless Nation, we are here with Summer Mercinger, the CEO of the Blockchate Association,

previous CFTC Commissioner.

And we're going to talk about banks today on the podcast.

Summer, welcome to Bankless.

Thanks for having me on today.

Summer, I want to start by just kind of set in the table here about this conversation that we're going to have because there is a battle brewing.

There's a war afoot. Maybe to really kind of set the context for why that is happening.

Can you just talk about the win, the victory that crypto took from the banks with the Genius Act?

What victory did we grab that the banks are now upset about?

Well, it's interesting because this was a negotiation. So at the end of the day,

you know, we came across, came away with Genius, which is great for the market. It brings clarity.

You've got customer protections there. You've got a clear regulatory framework

and federal side, state side. So a lot of great wins. But the issues the bank has, the banks are

having right now with the ability to give rewards for stable coins, let's say if you're buying

on Coinbase or some other exchange and they're

able to give you rewards, the banks think that's a loophole. But what's interesting is they,

the stable coin issuers were not allowed to give yields. And that was something that was compromised.

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