Many of us have mentioned how the stablecoin yield debate playing out in Clarity, and the arguments made against yield by the bank trades, mirror the battle over money market funds in the 1970s. Well here's some proof. Here's a letter submitted by the Independent Bankers Association of America (a predecessor to the ICBA) in a 1980 hearing of the Senate Banking committee on money market funds. As you can see, many of their arguments against stablecoins are almost verbatim a copy from what they argued back then: threat to deposits, harms lending, uniquely dangerous for smaller banks. And we know today that argument was dead wrong. Money market balances grew parabolically into the trillions, and yet banks remain flush with deposits.