In a statement shared on Truth Social, Trump claimed that the GENIUS Act, which aims to establish a regulatory framework for stablecoin issuers, is being pressured and slowed by the banking sector. He emphasized that market structure rules for the crypto industry should be finalized quickly so that Americans can benefit more from financial innovation.
At the center of the debate are yield-bearing stablecoins. Banks argue that such products could pull deposits away from the traditional banking system and are pushing for tighter regulations to close potential gaps in the GENIUS Act. Some major banking executives have also called for stablecoin issuers to be subject to rules similar to those applied to banks in order to maintain a level competitive environment.
Meanwhile, the CLARITY Act, which has already passed the House of Representatives, seeks to define the roles of U.S. regulators such as the SEC and CFTC in overseeing the crypto industry and is now awaiting approval in the Senate. Trump warned that delays in passing these market structure laws could weaken the United States’ competitive position in the global crypto sector.
