Another overlooked detail. The White House is considering the possibility of completely withdrawing support for the cryptocurrency market structure bill if Coinbase does not withdraw its opposition and does not return to the negotiating table with a yield arrangement that satisfies the banks. In fact, it is a seemingly bearish benefit. The White House is going to ask for chips for banks, Coinbase will be forced to make concessions, and the market structure bill is more likely to be pushed forward, But the cost is nothing more than that stablecoins and on chain returns will be limited, as banks are worried that deposits will be sucked away by exchanges. That is to say, on chain deposit substitutes and stablecoin interest bearing tracks are relatively negative, but it is a positive for stablecoin companies. But this also means that the United States is looking for ways to maximize support for the cryptocurrency industry without causing any impact on traditional financial markets. As for the biggest beneficiaries, I think there are two tracks: 1. Compliance payment track, which refers to the stablecoin payment promoted by institutions. The RWA track is actually a form of political correctness. Since Defi's returns are restricted, traditional financial TradFi asset returns will definitely be more easily accepted by regulators on the blockchain. Finally, one of the consensus formed by some overseas research communities is that the biggest bull engine in the history of cryptocurrency is the traditional financial TradFi asset on chain driven by the United States.