Trump Says Banks Must “Make a Deal” With Crypto Industry to Advance U.S. Market Rules
U.S. President Donald Trump has accused major banks of attempting to undermine key cryptocurrency legislation, urging lawmakers to fast-track the passage of a broader digital asset market structure bill amid ongoing disputes between the banking and crypto industries.
In a post published Tuesday on Truth Social, Trump said financial institutions were attempting to obstruct progress on the Clarity Act, a bill designed to establish regulatory rules for the U.S. crypto market. He framed the legislation as a necessary step to protect the country’s leadership in digital assets.
“The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money,” Trump wrote.
“The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of.”
Trump Defends Stablecoin Policy and Crypto Agenda
Trump’s remarks come after he signed the GENIUS Act last year, legislation aimed at regulating stablecoins while allowing certain financial innovations tied to dollar-backed digital tokens.
According to the president, banks should cooperate with the digital asset sector rather than oppose the new market structure framework.
He also warned that financial institutions could delay the bill’s progress by attempting to influence its provisions during negotiations in Washington.
“They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People,” Trump said.
The Clarity Act has become a central piece of the administration’s crypto policy agenda. Lawmakers and industry participants view the legislation as a potential framework for defining the roles of regulators and setting rules for crypto trading platforms, token issuers, and stablecoin providers operating in the United States.
Stablecoin Yield Dispute Divides Banks and Crypto Firms
Despite support from parts of the crypto sector, the bill has stalled in the Senate Banking Committee after a scheduled markup hearing was postponed indefinitely in January.
One of the most contentious issues surrounding the legislation centers on whether third-party platforms such as crypto exchanges should be permitted to offer yield to users holding stablecoins.
Banking groups have raised concerns that allowing firms like Coinbase to pay yield on stablecoin balances could draw deposits away from traditional banks, potentially weakening the banking system’s funding base.
Crypto companies argue that consumers should have the ability to earn returns on their digital dollar holdings, noting that yield-generating products were contemplated under the GENIUS Act.
The disagreement has become the most visible policy clash between the two industries as lawmakers attempt to craft a compromise.
White House Facilitates Industry Negotiations
Officials in the White House have reportedly hosted meetings between banking executives and crypto industry leaders in an effort to reach a consensus on the bill’s language.
People familiar with the discussions say draft proposals are currently circulating among lawmakers, although no final agreement has been reached.
While the administration previously hoped a deal could be finalized by the end of February, negotiations have continued into March. The legislative timeline is also tightening as Congress approaches its summer recess and attention increasingly shifts toward the 2026 election cycle.
If lawmakers fail to move forward soon, the bill could face further delays as congressional priorities shift to campaign activity and other legislative matters.
Regulators Weigh In on Stablecoin Arrangements
Regulators have also begun weighing in on how stablecoin issuers should structure their partnerships with third-party service providers.
Last week, the Office of the Comptroller of the Currency (OCC) released a proposed rule indicating that contracts between stablecoin issuers and external partners must clearly specify the services being offered. While the proposal emphasizes transparency and risk management, it stops short of explicitly prohibiting yield payouts.
The regulatory guidance comes as several companies explore new stablecoin initiatives within the United States.
World Liberty Financial — a firm associated with Trump and members of his family — recently introduced its own dollar-backed stablecoin, USD1. The company has also sought a trust charter from the OCC for one of its affiliated entities.
Crypto Policy Debate Emerges Amid Global Tensions
Trump’s intervention in the crypto policy debate came during a period dominated by geopolitical developments. In recent days, the president has been overseeing U.S. military strikes against Iran as part of what officials described as a “special combat operation.”
The conflict has already disrupted air travel across parts of the Middle East and affected shipping through the Strait of Hormuz, one of the world’s most critical energy trade routes.
Despite the escalating geopolitical tensions, Trump’s comments signal that crypto regulation remains a priority for the administration.
