Crypto should pay more attention to the Trump-Powell issue. Assume Powell serves out his term. May 2026 we get a new chair whose main qualification will be willingness to lower rates when asked. That’s very bad for issuers like Circle, Paxos, Maker/Sky who rely on that interest

Tether does, too, but they also 1) hold other assets and businesses, and 2) don’t have to pay users to hold their stable like Circle, Paxos, and Maker/Sky Every rate cut by the Fed maps immediately into lower revenue for issuers that rely on tbills bc they’re short duration

Issuers will be challenged and need to go further out on the risk curve, hold less liquid assets, or live with lower income. Laws passed this year may close some of these doors.