The Senate's stablecoin yield compromise in the CLARITY markup is being sold as consumer protection. The function is older. Crypto issuers are blocked from passing T-bill yield through to holders, except where the transaction qualifies as "bona fide," a category whose job is to be ambiguous on demand. The carve-out is the bill. Regional banks fund mortgage duration with checking deposits paying a fraction of a percent while three-month paper prints over four; the spread is the franchise. A permissionless dollar that pays the spot risk-free rate directly to the bearer collapses that arbitrage on contact. Tether's billion-dollar quarter is the same number from the issuer side, kept rather than passed through. The statute freezes the spread by decree, on the implicit theory that you can legislate against a yield curve. The yield curve has not been notified.