Props to at least to Brooker for at least paying lip-service to self custody and developers, however the cynical side of says: The number one rule of regulators is only create rules they can actually enforce...the truth is they can't control self-custody so its an easy thing to express support for.

The larger political comedy is that the whole big fight in the CLARITY act is the incumbent banks are fighting (and looks like succeeded) in preventing stablecoin issuers from paying interest to holders. So Tethers profits are being mandated by law and this is framed as being a good thing for consumers?

The hilarity has several levels: Bankrupt legacy zombie banks fighting to stop their replacements but inadvertently making their replacements extra profitable. Only in a democracry!