In a recent post on Truth Social, former U.S. President Donald Trump criticized the banking sector for attempting to sabotage the GENIUS Act, a stablecoin law he enacted last year. He urged Congress to advance crypto market structure legislation without delays, emphasizing the need for clarity in the industry.
Trump stated, “The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money.” He pointed out that banks are experiencing record profits while the crypto agenda risks being overshadowed by foreign competitors if legislative action is not taken promptly.
In his post, Trump cautioned banks against using the Clarity Act as leverage, asserting that its passage is crucial for the crypto sector’s future in the United States. He remarked, “They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People.”
The market structure bill has faced delays since the Senate Banking Committee postponed a markup hearing in January, where lawmakers were expected to discuss amendments. Key disagreements persist, particularly regarding whether third-party entities can offer yield on stablecoin deposits, a contentious issue between banks and crypto firms.
Banks fear that allowing platforms like Coinbase to provide interest on stablecoin deposits could lead to a significant withdrawal of funds from traditional banking. Meanwhile, crypto advocates argue that consumers should have the right to earn returns on their holdings, a provision they believe was included in the GENIUS Act.
The White House has been facilitating discussions between representatives from both sectors to refine the bill’s language. Although a tentative deadline for reaching an agreement was set for the end of February, no resolution has been achieved. With the summer recess approaching and the 2026 election cycle looming, time is running short for lawmakers to address the bill.
Recently, the Office of the Comptroller of the Currency proposed that contracts between stablecoin issuers and third parties should clearly define the offerings, though it did not explicitly prohibit yield payouts.
Interestingly, World Liberty Financial, a company linked to Trump and his family, has its own stablecoin, USD1, and is currently pursuing a trust charter with the OCC for an associated firm.
Trump’s remarks on the Clarity Act came shortly after he oversaw U.S. military operations against Iran, which have heightened tensions in the Middle East and disrupted air travel and shipping routes.
Former President Donald Trump has accused the banking industry of undermining the GENIUS Act, a stablecoin law he signed, as negotiations on crypto legislation stall. He emphasizes the need for clarity in the crypto market while warning banks against using the Clarity Act as leverage.