President Donald Trump has thrown his weight behind the crypto industry, warning banks not to undermine his administration's crypto agenda. In a Truth Social post, Trump stated that banks should "make a good deal with the crypto industry" to avoid hindering the progress of the GENIUS Act, a bill aimed at regulating stablecoins.
The GENIUS Act, signed into law by Trump in July 2025, establishes regulations and consumer protections for stablecoins. However, its implementation has been stalled due to disagreements between the banking and crypto industries over stablecoin yields
Trump's stance is seen as a boost for the crypto industry, with Coinbase CEO Brian Armstrong expressing gratitude for the president's support. The move comes amid ongoing negotiations over the CLARITY Act, which aims to clarify regulatory oversight of cryptocurrency.
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