Trump Hits Out at Banks Over Stalled Crypto Bill

Former President Donald Trump publicly attacked banks on Truth Social for allegedly stalling the advancement of the crypto market structure bill in the Senate, specifically targeting disagreements over stablecoin yield payments. Trump referenced the GENIUS Act, which regulates stablecoins but bans issuers from offering direct yield, while third-party platforms can still offer it. Banking groups are lobbying to ban all stablecoin yield payments, arguing it poses a risk to banking system stability by drawing funds from traditional accounts. Trump urged banks to reach a deal with the crypto industry, warning that failure to pass legislation like the CLARITY Act (the House version) could cause the US crypto agenda to lag behind other countries like China. Meanwhile, Representative French Hill suggested the Senate should adopt the House's CLARITY Act language if they cannot agree on their own version, emphasizing the need to define stablecoins as payment devices, not investment devices.

(Source：Cointelegraph)