Trump Accuses Banks of Blocking Crypto Regulation

Donald Trump has claimed that U.S. banks are trying to undermine progress on key cryptocurrency regulations. According to him, delays in passing new rules could weaken the United States’ ambition to become a global hub for digital assets.

On Tuesday, Trump wrote on social media that banks are threatening the proposed Genius Act and obstructing progress on another regulatory effort, the Clarity Act. He warned that if decisions are not made quickly, the cryptocurrency industry could shift its operations to other countries, including China.

Last year, Congress passed the GENIUS Act. The law introduced federal rules for payment stablecoins and established requirements regarding the reserves backing them. The legislation was widely seen as the first major step toward creating a clearer regulatory framework for dollar-linked digital assets.

After the law was adopted, lawmakers turned their attention to the Clarity Act. The bill is intended to more clearly define which institutions are responsible for regulating the cryptocurrency market and to provide companies with greater legal certainty. However, work on the Clarity Act has stalled in the Senate. One of the main points of contention involves rules governing stablecoins and their relationship with the traditional banking system.

The biggest controversy centers on whether stablecoins should be allowed to offer users rewards or interest-like mechanisms. Banking organizations are pushing for stricter limits, arguing that such features could draw deposits away from banks and pose risks to financial stability.

Meanwhile, representatives of the cryptocurrency industry argue that overly strict rules could slow innovation and weaken the United States’ competitiveness. For now, negotiations in the Senate remain deadlocked and planned work on the bill has been delayed. This means that although the GENIUS Act is already in force, a broader reform of the U.S. cryptocurrency market has yet to be approved.