Trump: GENIUS stablecoin law 'threatened' by banks as Congress stalls on passing market structure bill
President Donald Trump said the GENIUS Act, the first piece of crypto legislation passed in the U.S. to give a roadmap for stablecoin issuers, “is being threatened and undermined by the Banks,” in a Truth Social post on Tuesday.
Trump’s comments come amid an ongoing friction between the banking and crypto industries over the passage of broader crypto market structure legislation, particularly related to differing views on stablecoin yield.
“The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money. The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get the Clarity Act taken care of,” Trump said.
The CLARITY Act, currently under congressional consideration, would appoint specific roles for the Securities and Exchange Commission and Commodity Futures Trading Commission in overseeing the crypto industry.
CLARITY, or the Digital Asset Market Clarity Act of 2025, was passed by the House last year with bipartisan support. The bill has since been referred to the Senate, where the Banking and Agriculture committees have advanced differing versions of the law.
Banks have pushed to close alleged loopholes in the GENIUS Act regarding stablecoin rewards, with some lobbyists arguing that yield-bearing stablecoins could draw deposits away from the banking sector.
“The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in the best interest of the American People,” Trump said.
A path to resolution
Trump previously requested that lawmakers finalize market structure legislation by the end of February. Over the past month, the White House has held meetings between both the bank and crypto sectors, but has failed to find a resolution.
Speaking Tuesday at the Milken Institute’s Future of Finance event, Rep. French Hill said the Senate could simply take up the House’s broader crypto market structure bill and move forward.
Senator Cynthia Lummis reposted Trump’s message, adding “America can’t afford to wait. Congress must move quickly to pass the Clarity Act.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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