Trump Slams Big Banks for "Undercutting" Crypto Progress; Demands Immediate Passage of CLARITY Act
President Donald Trump is taking a stand on Truth Social, accusing the traditional banking industry of trying to sabotage the GENIUS Act—the landmark stablecoin law he signed last year.
According to the President, major financial institutions are "undercutting" the progress of digital assets to protect their record profits. He warned that if Congress doesn’t pass the CLARITY Act (Digital Asset Market Clarity Act) immediately, the U.S. risks losing its competitive edge to China and other nations.
Key Highlights:
The GENIUS Act Under Fire: Banks are reportedly lobbying to restrict stablecoin yields, fearing they will draw deposits away from traditional accounts.
The CLARITY Act Push: This pending legislation aims to provide a definitive regulatory roadmap, finally drawing clear lines between the SEC and CFTC.
"Americans Should Earn More": Trump emphasized that the "Crypto Agenda" is about ensuring citizens get better returns on their money, moving away from bank-dominated monopolies.
The tension between Wall Street and the digital asset frontier is reaching a boiling point. Will the Senate move "lightning fast" as requested, or will the banks succeed in holding the bill hostage?