ChainCatcher report: U.S. President Trump stated that the GENIUS Act, America’s first regulatory framework for stablecoin issuance, is being threatened and weakened by the banking industry. He posted on Truth Social that banks are attempting to influence the legislative process and urged Congress to advance the Crypto Market Structure Act promptly. Trump said, “The United States must complete market structure legislation as soon as possible. Americans should be able to earn higher returns on their funds.” He criticized the banking sector for trying to obstruct the government’s crypto policy agenda while recording record profits and warned that if a clear regulatory framework is not established soon, America’s advantages in crypto could shift to countries like China. It is understood that the banking industry has consistently pushed to amend provisions in the GENIUS Act related to stablecoin yields, with some lobbyists arguing that allowing stablecoins to generate returns could draw deposits away from traditional banks. In response, Trump stated that banks should not attempt to undermine the GENIUS Act or use it to block progress on the CLARITY Act, and called on the banking and crypto industries to reach a reasonable compromise that serves the broader interests of the American public.
Trump Criticizes the Banking Sector Over the GENIUS Act, Urges Faster Crypto Legislation
ChaincatcherShare
Summary
Trump criticized the banking sector for opposing the GENIUS Act, the first U.S. legislation on stablecoin issuance. He called on Congress to accelerate the passage of the crypto market structure bill, warning that delays could cede crypto leadership to China. Banks are seeking modifications to stablecoin yield rules, citing concerns over competition. Trump urged a compromise to prevent the GENIUS Act from blocking the CLARITY Act, while emphasizing the need to align crypto legislation with CFT (Countering the Financing of Terrorism) objectives.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.