Congress is moving to permanently ban the Fed from issuing a CBDC. Two bills are advancing through committee right now. Sounds like a win. It's not. A CBDC ban without stablecoin reform is theater. Stablecoins are centrally issued, reserves held by regulated custodians, subject to government oversight at every layer. That's CBDC functionality without the CBDC name. Ban the front door. Leave the back door wide open. Declare victory. The same week this moves forward, Coinbase is lobbying to make stablecoins the only digital asset with a de minimis tax exemption. Not Bitcoin. Just stablecoins. The ones they clip yield on. The ones they control. If you wanted to build a surveillance-grade digital dollar and needed political cover, this is exactly how you'd do it.