Trump Urges Congress to Move on Crypto Rules Amid Banking Clash
Donald Trump publicly accused major banks of attempting to undermine his administration’s cryptocurrency agenda, warning that the banking sector was threatening the GENIUS Act and urging Congress to pass the CLARITY Act, which would define crypto regulation. Trump argued that legislative delays could drive the crypto industry overseas and emphasized the need for the U.S. to establish clear market structure rules for digital assets. The dispute centers on whether stablecoin platforms should be allowed to offer yield to users without following bank regulations—a position advocated by JPMorgan Chase CEO Jamie Dimon. This disagreement has stalled the CLARITY Act, intended to establish regulatory authority over crypto assets, dividing responsibilities between the SEC and CFTC. The GENIUS Act, already law, sets federal standards for payment stablecoins, requiring issuers to maintain liquid reserves and adhere to anti-money-laundering rules. Regulators are now working on implementing these rules, but broader market-structure legislation remains stalled, with banks and crypto firms unable to agree on the issue of stablecoin rewards. Failure to resolve these differences soon could hinder passage of the CLARITY Act this year.
