Eric Trump, one of the sons of U.S. President Donald Trump and a co-founder of crypto firm World Liberty Financial, went after the banking industry Tuesday over their opposition to allowing stablecoin yield in crypto market structure legislation.
"Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings—while trying to block any rewards or perks from being given to customers," he said in a post on X, the site formerly known as Twitter.
He said banks pay a marginal interest in comparison to the interest paid to them by the Federal Reserve, and keep the funds as profits.
"Today, the banks are desperately targeting crypto/stablecoins, where platforms plan to offer 4–5%+ yields or rewards," he said.
"The ABA and other lobbyists are spending millions trying to ban or restrict those yields via bills like the Clarity Act, crying 'fairness' and using words like 'stability'—when it's really about protecting their low-rate monopoly and preventing deposit flight. This is anti-retail, anti-consumer, and straight-up anti-American," he said.
World Liberty, the company he co-founded, issues its own stablecoin, USD1. The World Liberty umbrella is also in the process of seeking a charter through the Office of the Comptroller of the Currency.
Trump has shared his grievances with banks over the past year, saying at multiple conferences that they debanked him and his family.
His father, the U.S. president, posted about the Clarity Act on Tuesday, urging Congress to advance the bill and similarly attacking banks for being recalcitrant in negotiations over stablecoin yield in the bill. It's so far unclear whether his post, or indeed Eric Trump's, will significantly shift the needle in the negotiations.
Donald Trump posted shortly after meeting with Coinbase CEO Brian Armstrong, who publicly withdrew support from the bill in January over the stablecoin provisions and other sections the crypto executive deemed problematic.
Patrick Witt, the White House's executive director for crypto issues, also pushed back on JP Morgan CEO Jamie Dimon earlier Wednesday, after Dimon said stablecoin issuers should be regulated like banks.