A Senate draft deal on stablecoin yield is taking shape at the exact moment the White House Council of Economic Advisers is telling lawmakers, in effect, “Relax, the numbers are small.”
The CEA’s headline finding is that banning yield on payment stablecoins would raise bank lending by about $2.1 billion, with a claimed net welfare cost from the prohibition. That statistic is being pitched as reassurance. It shouldn’t be.
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