Eric Trump took aim at the banking industry Wednesday, accusing it of "lobbying overtime to block Americans from getting higher yields on their savings" amid a protracted fight with the cryptocurrency industry over stablecoin rewards.
"Today, the banks are desperately targeting crypto/stablecoins, where platforms plan to offer 4–5%+ yields or rewards," he wrote in a post on the social platform X.
Lobbyists "are spending millions trying to ban or restrict those yields via bills like the Clarity Act, crying 'fairness' and using words like 'stability'—when it's really about protecting their low-rate monopoly and preventing deposit flight," he added.
He is a key player in World Liberty Financial, the crypto firm launched by then-presidential candidate Trump and his sons in late 2024.
The post came just one day after the president argued that the GENUIS Act, the stablecoin bill he signed into law last year, is "being threatened and undermined by the banks."
Despite a series of White House meetings, the crypto and banking industries have yet to reach an agreement on the stablecoin yield issue.
The dispute stems from a provision in the GENIUS Act that barred stablecoin issuers from paying interest to customers simply for holding the dollar-backed digital tokens.
The banks have argued that this left open a loophole, which allows third parties to offer rewards to stablcoin holders. Crypto firms have argued these rewards are necessary to effectively compete in the payments market.
This has become a complication for another crypto bill, known as market structure, that seeks to clearly split oversight of the industry between two financial regulators.
Progress on the bill, which passed the House last July as the Clarity Act, has largely remained at a standstill in recent weeks.
"The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage," Trump said Tuesday.
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