Trump says GENIUS stablecoin bill faces "threat" from banking industry, urges swift passage of crypto market structure legislation

SmartContractAuditor · 2026-03-03T23:02:05+00:00

Trump criticizes the banking industry for attempting to weaken the stablecoin regulatory framework GENIUS Act, arguing that this would affect the United States' competitiveness in the crypto market. He calls on Congress to accelerate the legislative process and states that banks should seek compromises with the crypto industry to protect public interests.

SmartContractAuditor

2026-03-03 23:02:05

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Odaily Planet Daily reports that U.S. President Donald Trump stated that the GENIUS Act, which provides the first regulatory framework for stablecoins, is being “threatened and weakened” by the banking industry. He posted on Truth Social that banks are trying to influence the legislative process and urged Congress to expedite the passage of the Digital Asset Market Structure Act.

Trump said, “The United States must complete market structure legislation as soon as possible. Americans should earn higher returns on their funds.” He also criticized the banking sector for attempting to hinder the government’s crypto policy agenda while posting record profits, warning that if regulatory clarity is delayed, America’s advantage in the crypto space could shift to countries like China.

Currently, the U.S. Congress is reviewing the CLARITY Act, which aims to clarify the responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating the crypto industry. The bill received bipartisan support in the House last year and is now under further discussion in the Senate.

On the banking side, efforts are underway to amend the GENIUS Act to include provisions related to stablecoin yields. Some lobbyists believe allowing stablecoins to generate yields could lead to a withdrawal of deposits from traditional banks.

In response, Trump stated that banks should not attempt to weaken the GENIUS Act or use it to “hijack” the progress of the CLARITY Act. He called for the banking industry and the crypto sector to reach a reasonable compromise that aligns with the overall interests of the American public.

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