If you’ve been following the headlines lately, you could easily be forgiven for thinking that the fight over stablecoin yields is the only sticking point holding the United States back from the crypto industry’s long awaited comprehensive market structure legislation. But sadly, you’d be wrong.

For months now, the headlines have fixated on a genuine but ultimately tractable disagreement: whether crypto platforms should be allowed to share yield from their Treasury bill reserves with stablecoin holders, or whether that practice should be restricted to protect traditional banks from competition for consumer deposits. It’s a real fight. The American Bankers Association has…

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