- Trump accuses banks of blocking the GENIUS Act and delaying the CLARITY Act over stablecoin reward disputes.
- Senate debates focus on whether yield-bearing stablecoins threaten traditional banking models.
- Analysts say delays risk derailing broader crypto reform, though mid-2026 passage remains possible.
President Donald Trump publicly accused U.S. banks of obstructing major crypto legislation. Writing on Truth Social, he urged Congress to advance the GENIUS Act and the CLARITY Act without delay. The remarks came in Washington after weeks of stalled negotiations over stablecoin rules and market structure, despite White House-led talks.
Trump Targets Banks Over GENIUS and CLARITY Acts
Trump said banks are undermining the GENIUS Act while holding the CLARITY Act “hostage.” He argued that delays threaten U.S. leadership in digital assets. According to Trump, banks are posting record profits while resisting reforms tied to crypto market structure.
He added that Americans should earn more from their money. However, he claimed banks oppose stablecoin reward programs for that reason. Trump warned that failure to act could push crypto innovation toward China and other countries.
The White House has facilitated negotiations between banks and crypto firms. Those talks, led by White House crypto adviser Patrick Witt, extended beyond an informal March 1 deadline. The central dispute remains whether stablecoin issuers can offer yield-based rewards.
Divisions Inside Crypto and Banking Sectors Persist
Despite Trump’s push, Senate support remains uncertain. Lawmakers continue debating whether stablecoin rewards could disrupt traditional banking. Banking groups want strict limits, while crypto firms seek flexibility.
Notably, divisions also exist within the crypto industry. Charles Hoskinson criticized the CLARITY Act’s current language. He argued it risks classifying most digital assets as securities. His comments again targeted Brad Garlinghouse, who supports advancing the bill.
In response, David Schwartz said a flawed bill remains better than none. Meanwhile, Mike Selig called for immediate passage. In an X post, he said the Commodity Futures Trading Commission stands ready to implement the CLARITY Act.
Senate Outlook Unclear as Pressure Builds
According to TD Cowen executive Jaret Seiberg, banks may ultimately lose the stablecoin debate. However, he warned prolonged talks could derail the broader bill.
JPMorgan analysts project CLARITY could pass by mid-2026. For now, lawmakers await a Senate markup session expected later this month.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Solana Meme Coin Platform Bonk.fun Official Website Hacked, Users' Funds Stolen After Signing Malicious Terms
A security incident occurred on the Bonk.fun platform, where an attacker gained control of the domain and injected malicious content, resulting in some users' funds being stolen. The team has issued a warning, suspended operations, and taken measures to restore security. The attack mainly affected users who signed false agreements. As cyberattack techniques advance, the encryption industry faces greater risks.
GateNews2h ago
A certain CEX was exposed for lobbying against the small-scale Bitcoin tax exemption policy, advocating that it should only apply to stablecoins.
A certain cryptocurrency trading platform is accused of lobbying U.S. legislators to oppose the Bitcoin small-transaction tax exemption, suggesting it should be limited to stablecoins. This move has raised concerns within the crypto community, which believes that the policy could be influenced by special interests and hinder innovation. The Bitcoin advocacy organization warns that this approach would be a strategic mistake.
GateNews2h ago
MICA Daily｜Exchange liquidity dries up, BTC trend continues to weaken
The latest US CPI data released aligns with market expectations, but due to the impact of the Middle East situation, market reactions are muted. The US stock indices fluctuate, and BTC prices hover around $70,000. Although it appears stable in the short term, market sentiment remains pessimistic, and whether the price can stay above $70,000 in the future remains uncertain, mainly depending on the development of the Middle East situation. Meanwhile, Binance's net flow data shows that investors withdraw BTC during market downturns, but selling pressure still exists.
区块客2h ago
BONK.fun has been hacked! Wallet stealer launched, user funds are directly at risk
Solana meme coin platform BONK.fun was hacked, with internal team accounts compromised, leading to the deployment of a wallet theft program. Users are advised to stop interacting immediately. This incident highlights the platform's security vulnerabilities and may accelerate user attrition, with market share dropping from 84% to 7%. Future security measures need to be strengthened to prevent similar attacks.
MarketWhisper2h ago
Oman withdraws ships to avoid risk, oil prices break above $100, Bitcoin drops back to 69K
The Middle East geopolitical conflicts have intensified, leading to challenges in the international energy market. Oman has evacuated oil tankers to ensure safety, causing oil prices to surge to $100 per barrel. Asian stock markets generally declined, and Bitcoin also retreated to $69,550. Although the IEA released oil reserves, it is difficult to fundamentally resolve the supply gap issue.
ChainNewsAbmedia3h ago
JPMorgan: High oil prices may prompt some Asian central banks to adopt hawkish monetary policies
JPMorgan economists have pointed out that persistently high oil prices could prompt some Asian central banks to adopt hawkish policies, especially Singapore and Malaysia, while the likelihood of Indonesia and the Philippines cutting interest rates decreases. Fiscal policy will become the first line of defense against trade shocks, and the Bank of Korea's decision to raise interest rates will depend on the impact of oil prices on inflation.
GateNews3h ago
