{ "id": 62421, "date": "2026-03-04T09:20:25", "date_gmt": "2026-03-04T02:20:25", "guid": { "rendered": "https:\/\/hbbgroup.net\/donald-trump-takes-swipe-at-banks-over-stalled-crypto-bill\/" }, "modified": "2026-03-04T09:20:25", "modified_gmt": "2026-03-04T02:20:25", "slug": "donald-trump-takes-swipe-at-banks-over-stalled-crypto-bill", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/donald-trump-takes-swipe-at-banks-over-stalled-crypto-bill\/", "title": { "rendered": "Donald Trump takes swipe at banks over stalled crypto bill" }, "content": { "rendered": "
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US President Donald Trump has taken a shot at banks for stalling the crypto market structure bill from advancing in the Senate over stablecoin yield payments.<\/p>\n

\u201cThe Genius Act is being threatened and undermined by the Banks, and that is unacceptable \u2014 We are not going to allow it,\u201d Trump posted on his Truth Social platform on Tuesday, mentioning the GENIUS Act<\/a> that Congress passed in July to regulate stablecoins.<\/p>\n

\u201cThe U.S. needs to get Market Structure done, ASAP,\u201d he added. \u201cThe Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don\u2019t get The Clarity Act taken care of.\u201d<\/p><\/blockquote>\n

Trump has touted the GENIUS Act as his crowning achievement to attract crypto companies to the US. The law gives stablecoin issuers a path to regulation, but bans them from directly offering yield payments to holders.<\/p>\n

However, third-party platforms such as crypto exchanges can still offer yield to users who hold stablecoins.\u00a0<\/p>\n

Banking groups have argued that it is a legal loophole<\/a> and are pushing for the Senate\u2019s crypto market structure bill to include a ban on all stablecoin yield payments. The House passed its version of the bill, called the CLARITY Act, in July.<\/p>\n

\u201cThe Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that\u2019s what\u2019s in best interest of the American People,\u201d Trump said.<\/p>\n

\"Congress,
Source: <\/em>Donald Trump<\/em><\/a><\/figcaption><\/figure>\n

Crypto executives and lobbyists have resisted the banks’ efforts to include a ban on stablecoin yield payments in the bill, with major lobbyist Coinbase pulling its support for the legislation in January over the issue.<\/p>\n

The legislation has since been stalled as the Senate Banking Committee postponed a markup on the bill after Coinbase withdrew support in January, and has yet to set a date to review the legislation.<\/p>\n

Banking groups have said that stablecoin yield payments would see money move from bank accounts to stablecoins and risk the stability of the banking system.<\/p>\n

Related: <\/strong><\/em>What’s at stake for crypto as 3 US states kick off party primaries?<\/strong><\/em><\/a><\/p>\n

Crypto and banking groups have had three meetings at the White House<\/a> this year to agree on language that could move the bill forward, but no deal has been reached yet.\u00a0\u00a0<\/p>\n

Trump is pushing to have the bill passed as a policy win to take to the midterms in November, where crypto lobbying groups have raised more than $200 million<\/a> to back those supportive of the industry.<\/p>\n

Hill says Senate should consider passing House bill<\/h2>\n

Representative French Hill, a senior Republican and chair of the House Financial Services Committee, said<\/a> at an event on Tuesday that the Senate should consider passing the House\u2019s version of the crypto bill if it can\u2019t move forward with its own.<\/p>\n