THE OLD GUARD FEARS COMPETITION FAR MORE THAN IT FEARS RISK Now that comments have closed on the SEC's proposed “Regulation Crypto Assets”, state securities regulators through #NASAA are asking the agency to withdraw the rulebook entirely, arguing that lighter disclosures and a token safe harbour invite fraud. In the same breath, the American Bankers Association is fighting the OCC's final GENIUS Act rule, after the regulator dropped proposed restrictions on stablecoin yield, with its chief executive warning that the decision fails to stop deposit flight from banks. Read the pushback together and the real motive is hard to miss. Rather than embracing better technology, and competing inside a profitable new industry, traditional finance and its allies are lobbying to stop customers from moving their own money. It has always been about control…and sooner rather than later, most will realize this. Change is inevitable, and they are fighting tooth and nail to try and protect themselves and their allies.