Trump Attacks Banks Over Stablecoin Yield, Clarity Act Standoff
President Trump criticized banks for undermining the GENIUS Act and stalling the CLARITY Act over a dispute regarding stablecoin yield payments.Summary
President Donald Trump publicly accused US banks of threatening the GENIUS Act (the stablecoin law he signed) and holding the CLARITY Act hostage, escalating the legislative standoff over stablecoin yield. Trump asserted that banks, which are seeing record profits, should not undermine the US crypto agenda, warning that inaction could cause the industry to move overseas.
The core dispute centers on a GENIUS Act provision prohibiting stablecoin issuers from paying interest directly to holders, a situation banks view as a loophole allowing exchanges like Coinbase and Kraken to offer competitive yields on reserves. Banking groups warn this could lead to massive deposit outflows, pushing them to close this gap via the CLARITY Act, which is currently stalled in the Senate.
JPMorgan CEO Jamie Dimon also weighed in, arguing stablecoin yield providers should face bank-level regulation, including capital requirements and FDIC insurance. However, crypto leaders reject this framing. With a White House deadline having passed and the CLARITY Act stuck in committee, the legislative window is closing ahead of the 2026 midterms, risking the completion of the US crypto regulatory framework.
(Source：BeInCrypto)