The fight over bank deposits and stable coin yield to me is really just the tip of the iceberg.

We, I think, are undergoing a major paradigm shift where consumer expectations are changing.

If you think about the fundamental value proposition of blockchain, it's that you replace intermediaries with infrastructure,

allowing people to have more

control over their own money. And the natural extension of that is you also allow people to

capture more of the value of their own money.

Joining us now is General Counsel of Veda Labs and former SEC senior lawyer Tuong Vey Lee.

Hello.

Hi. Thanks for having me.

Of course. Thanks for being here. You heard the conversation we just had. You heard

Renato and I at the top of the show. Are you optimistic that we will get this legislation passed before midterms?

I am.

I think over the next few weeks, we can absolutely get there.

You know, I do think it is important to get something done.

Crypto is a multi-trillion dollar industry.

And the simple fact of the matter is that it cannot meaningfully grow and flourish in a way that is responsible and protects both innovation

and consumers without clear rules of the road. So we need a bill. And like with any bill,

both sides have to be willing to

compromise. And I agree with Kara, there's room to get there over the next few weeks or month or so.

What issue to you or issues do you think are the biggest hurdles right now to getting across the

finish line? Yeah. So I'll, I'll touch on one thing that you guys just discussed with Kara, which is the ambiguity

over the SEC's exemptive authority. You know, I do think the draft largely preserves

...