Trump Claims GENIUS Stablecoin Act is Being "Threatened" by Banking Sector, Urges Swift Passage of Crypto Market Structure Legislation

Odaily President Trump stated that the GENIUS Act, the first U.S. regulatory framework for stablecoin issuance, is being "threatened and undermined" by the banking industry. In a post on Truth Social, he claimed that banks are attempting to influence the legislative process and urged Congress to expedite the crypto market structure bill.

Trump said, "The United States must complete market structure legislation as soon as possible. Americans should earn higher returns on their money." He also criticized the banking industry for trying to obstruct the government's crypto policy agenda while posting record profits, warning that if the regulatory framework remains unclear, America's advantage in the crypto space could shift to countries like China.

Currently, the U.S. Congress is reviewing the CLARITY Act (Clarity for Digital Assets Act of 2025), which aims to clarify the division of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the crypto industry. The bill passed the House with bipartisan support last year and is now under further discussion in the Senate.

The banking sector is pushing for amendments to the provisions in the GENIUS Act concerning stablecoin yields. Some lobbyists argue that allowing stablecoins to offer yields could attract deposits away from the traditional banking system.

In response, Trump stated that banks should not try to weaken the GENIUS Act or use it to "hold hostage" the progress of the CLARITY Act. He called on the banking and crypto industries to reach a reasonable compromise that serves the overall interests of the American public.