US EditionTrump Accuses Banks of Undermining Stablecoin Law as Crypto Bill Stalls in Senate
Trump blames banks for blocking the CLARITY Act, warning this stalls crypto growth and risks billions in deposits amid a stalled Senate market-structure bill.
- In a late-Tuesday social media post, President Donald Trump urged Congress to pass the CLARITY Act, saying `Americans should earn money on their money` and warning banks against holding the bill 'hostage'.
- The Senate Banking Committee postponed a January markup, leaving the CLARITY Act stalled after passing the House and over the stablecoin yield dispute, with an informal February 28 deadline missed.
- Executives from JPMorgan Chase and Bank of America cited a Treasury study saying banks could lose up to $6.6 trillion in deposits if stablecoins offered a yield, while crypto platforms offering 4-5% rewards could prompt deposit flight and destabilize smaller banks.
- Markets moved quickly as the crypto market rose 2.6%, pushing capitalization over $2.4 trillion, while Coinbase shares surged 11% and JPMorgan Chase and Bank of America shares fell less than 1% amid a tightening congressional calendar.
- Regulatory action accelerated when the OCC on March 1 repealed Interpretive Letter #1179, while World Liberty Financial issued USD1 and sought an OCC trust charter amid recent White House negotiators' meetings.
48 Articles
48 Articles
The President of the United States attacked traditional financial institutions to defend the Clarity Act, which is important for cryptoactive companies.
Trump sides with crypto firms in trillion-dollar battle with banks over stablecoin yield
The dispute centers on whether crypto firms like Coinbase can offer yields on stablecoins, which banks warn will siphon trillions of dollars from the industry.Read MoreThe post Trump sides with crypto firms in trillion-dollar battle with banks over stablecoin yield first appeared on The Who Dat Daily.The post Trump sides with crypto firms in trillion-dollar battle with banks over stablecoin yield appeared first on The Who Dat Daily.
Trump Defends Americans from Big Banks!
(Washington, DC) – President Donald Trump is criticizing major banks, accusing them of trying to undermine legislation aimed at expanding the cryptocurrency industry in the United States. In a statement posted online, Trump said financial institutions are threatening the progress made by the GENIUS Act, a measure he described as a major step toward making the U.S. the “crypto capital of the world.” Trump claimed banks are attempting to stall fur…
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