Eric Trump Slams Banks for Opposing Stablecoin Yields, Calls It “Anti-American”

Eric Trump, co-founder of World Liberty Financial, publicly denounced major banks for opposing higher yields on stablecoins, labeling their actions as “anti-American.” He highlighted the disparity between the low interest rates (0.01-0.05% APY) offered to depositors and the over 4% the Federal Reserve pays banks, resulting in substantial profits for banks at the expense of consumers. Trump asserted that banks, including JPMorgan Chase, Bank of America, and Wells Fargo, are actively lobbying to block Americans from accessing better returns on their savings, specifically targeting crypto and stablecoins offering yields of 4-5% or more. He accused the American Bankers Association (ABA) of spending “millions” to hinder these yields through legislation like the CLARITY Act, framing their opposition under the guise of “fairness” and “stability.” President Trump also previously criticized banks for undermining the GENIUS Act and pushing for the CLARITY Act. The CLARITY Act, intended to clarify regulatory oversight between the SEC and CFTC, has stalled in the Senate due to disagreements over stablecoin yield restrictions, with a White House deadline for compromise passing without resolution.

(Source：BeInCrypto)