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Trump claims that the GENIUS stablecoin bill is threatened by the banking industry and urges the swift passage of cryptocurrency market structure legislation
Former U.S. President Trump stated that the GENIUS Act, which provides a regulatory framework for stablecoin issuance, is currently being threatened and undermined by the banking industry. He posted on Truth Social that banks are trying to influence the legislative process and urged Congress to expedite the advancement of the crypto market structure bill.
Trump said, "The United States must complete market structure legislation as soon as possible. Americans should be able to earn higher returns on their funds." He also criticized the banking industry for attempting to obstruct the government-driven crypto policy agenda while posting record profits, warning that if the regulatory framework is not clarified soon, the U.S. advantage in the crypto space may shift to countries like China.
Currently, the U.S. Congress is reviewing the CLARITY Act, which aims to clarify the division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the crypto industry. The bill received bipartisan support in the House last year and is now under further discussion in the Senate.
The banking industry is pushing to amend the provisions related to stablecoin yields in the GENIUS Act, with some lobbyists arguing that allowing stablecoins to offer yields could attract bank deposits away from the traditional banking system. In response, Trump stated that banks should not attempt to undermine the GENIUS Act nor use it to hold back the progress of the CLARITY Act, and he called for the banking industry to reach a reasonable compromise with the crypto industry in line with the overall interests of the American public.
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