Trump: GENIUS stablecoin law ‘threatened’ by banks as Congress stalls on passing market structure bill

President Donald Trump asserted via Truth Social that the GENIUS Act, which provides a roadmap for stablecoin issuers, is being "threatened and undermined by the Banks." This friction stems from ongoing disputes over broader crypto market structure legislation, specifically concerning stablecoin yield. Trump urged Congress to pass the CLARITY Act quickly, stating Americans should earn more on their money and warning that failure to act on crypto clarity could cause the U.S. crypto agenda to fall behind other nations like China. The CLARITY Act, which defines roles for the SEC and CFTC, passed the House but faces differing versions in the Senate committees. Banks are reportedly pushing to close loopholes in the GENIUS Act regarding stablecoin rewards, fearing yield-bearing stablecoins will draw deposits away from the banking sector. Trump explicitly told banks they should not hold the Clarity Act "hostage" and must make a deal beneficial to the American people. Efforts to resolve the dispute, including White House meetings, have so far failed, although Rep. French Hill suggested the Senate should adopt the House version of the bill.

(Source：The Block)