Trump pressures banks to make deal with crypto firms over market structure bill

President Donald Trump publicly pressured major banks to cease efforts undermining the digital asset industry and instead work with crypto firms to advance the crucial CLARITY Act market structure legislation. Trump stressed the need for quick action to secure the US position in the global crypto race, emphasizing that market structure reform is necessary to provide regulatory clarity for companies and investors while keeping the industry domestically anchored. The ongoing impasse centers on whether exchanges can offer interest-like returns on stablecoin balances, a practice banks fear will cause significant deposit flight from traditional savings accounts. Crypto advocates view these banking concerns as protectionism aimed at stifling competition. The CLARITY Act, which passed the House in July 2025, aims to resolve this ambiguity regarding third-party yield payments and establish clear market-structure rules defining asset classifications and regulatory jurisdiction between the SEC and CFTC. However, the bill has stalled in the Senate due to banking industry opposition, exacerbated by recent regulatory complexity from the OCC regarding indirect yield payments.

(Source：Crypto Briefing)