The regulatory framework being put forward essentially restricts stablecoin yield mechanisms. The stated rationale centers on user protection, yet the underlying motivation appears more aligned with safeguarding traditional banking sector balance sheets. Tokenized equities face similar barriers—on-chain securities infrastructure represents a fundamental challenge to Wall Street's entrenched clearing and settlement systems. As a result, the broader tokenization movement encounters systematic headwinds across US jurisdictions. The policy environment effectively makes it nearly impossible for blockchain-based asset tokenization to scale domestically. This creates a widening gap between regulatory constraints at home and innovation momentum accelerating globally.