My understanding was it was the credit unions and local banks more than the large major ones. There was a fear that community banks in rural areas would face capital flight and that, in turn, would affect farmers and the agriculture industry in general. From what I read about small community banks, there could, in theory, be an issue with this facing them, but it is highly likely to be a nothingburger in reality. It was something that Congress, as part of due diligence, should have looked at and they did. 

The other big one was the ethics provisions. NGL what the Dems wanted was wild in that they wanted the ethics provisions to be retroactive and force Trump to sell whatever his crypto company is called. There was also stuff about his family being forced to sell out to...

What I found so wild about it was it wasn't like moving forward you can't do x,y,and z. There is also the whole thing of the way the Dems had it written; it was clearly targeting a single person, meanwhile Congress still trades individual stocks, sooooo it realistically wasn't going to happen.

![](https://m.stacker.news/156637)

It's huge for stables, what did you reckon the fuss was all about? Trad banks fighting it.

It lets brokers in, cftc over sec, and a loophole for yield for money-market type uses.

justin_shocknet

This legislation won’t affect stable coins much. it could from the DeFi aspect but my understanding is the Banks and Credit Unions lost that battle. Beyond yields genius act established stable coins.

I’m not sure that punting it would affect the markets because it would lock in the status quo for another two years. It’s passing it that could send the markets up or down.

Politics_And_Law

MASSIVE CLARITY NEWS! White House Agrees to New Ethics Language!

Cje95

Who is Witt?

This legislation won’t affect stable coins much. it could from the DeFi aspect but my understanding is the Banks and Credit Unions lost that battle. Beyond yields genius act established stable coins. 

I’m not sure that punting it would affect the markets because it would lock in the status quo for another two years. It’s passing it that could send the markets up or down.