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The CLARITY debate is becoming a test of where stablecoin competition should occur. The ABA backed the bill on Aug. 19, yet wants tighter reward rules before September’s vote, while Rob Nichols argues that interest-like rewards should be barred. GENIUS already restricts issuers from paying interest or yield. Extending that logic to platforms and wallets would be a broader choice: protecting deposit-funded lending could also narrow a key channel through which stablecoins compete. My read is that lawmakers should distinguish genuine payment incentives from products designed to replicate bank deposits; otherwise, the rule may shift activity without resolving the underlying boundary. Not advice, just analysis. #CLARITYRewardDebate