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. In a post on Truth Social, he claimed that banks are attempting to influence the legislative process and urged Congress to swiftly advance the Crypto Market Structure Act. Trump said, “The United States must complete market structure legislation as soon as possible. Americans should be allowed 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 promptly, America’s advantages in crypto could shift to countries like China. Currently, the U.S. Congress is reviewing the CLARITY Act (the Digital Asset Market Clarity Act of 2025), which aims to clarify the respective regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the crypto industry. The bill received bipartisan support in the House of Representatives last year and is now under further discussion in the Senate. Meanwhile, the banking industry is pushing to amend provisions in the GENIUS Act related to stablecoin yields, with some lobbyists arguing that allowing stablecoins to generate returns could trigger deposit outflows from traditional banks. In response, Trump stated that banks should not seek to undermine the GENIUS Act or use it to block progress on the CLARITY Act, and called on the banking sector to reach a reasonable compromise with the crypto industry in the interest of the broader American public.
Trump Warns Against the Banking Sector’s Influence on the GENIUS Act and Urges Faster Crypto Legislation
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Summary
Trump warned that the banking sector is undermining the GENIUS Act, the first U.S. regulatory framework for stablecoin issuance, and urged faster crypto legislation to counter its influence. He criticized banks for blocking progress while profiting, and warned that delays risk ceding the U.S.’s crypto leadership to China. The CLARITY Act, which clarifies the roles of the SEC and CFTC in regulating digital assets, is currently under Senate review after passing the House. Banks are lobbying to amend stablecoin yield provisions, fearing competition. Trump called for balanced compromises that serve the public interest and support CFT goals.
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