‘Straight up anti-American’: Eric Trump slams banks for lobbying against stablecoins

Eric Trump publicly condemned large banks, including JPMorgan Chase, Bank of America, and Wells Fargo, for spending millions lobbying against legislation like the Clarity Act, which would allow U.S. crypto platforms to pay customers interest on stablecoin holdings.

Trump argued that these banks are protecting their monopoly on low-interest savings accounts (paying 0.01% to 0.05% APY) while blocking customers from earning higher yields offered by stablecoins, labeling this behavior "anti-retail, anti-consumer, and straight-up anti-American."

This debate occurs as banks, like JPMorgan CEO Jamie Dimon, argue that stablecoins offering yield should face bank-style regulations to ensure a level playing field and prevent financial instability, a view countered by White House advisors who distinguish yield payments from lending activities.

(Source：The Block)