Lo and behold, within months of this legislative triumph, Coinbase and Kraken emerged, offering yields of 4% and 5% on USDC, while poor Chase could scarcely muster 0.01%. The Blockchain Association, with its coterie of 125 companies, including the aforementioned exchanges and the ever-present a16z, penned a missive to the Senate, declaring that Congress had “intentionally preserved” the ability of platforms to offer such rewards. The banks, in their indignation, cried “loophole!” while the crypto industry, with a wink and a nod, termed it a negotiated outcome.