Trump Calls GENIUS Stablecoin Bill 'Threatened' by Banking Sector, Urges Swift Passage of Cryptocurrency Market Structure Legislation
March 4 — Former U.S. President Donald Trump said Wednesday the U.S.’s first regulatory framework for stablecoin issuance, the GENIUS Act, is facing “threats and weakening” from the banking industry.
In a Truth Social post, Trump claimed banks are seeking to influence the legislative process and urged Congress to accelerate passage of the Crypto Market Structure Act.
“The U.S. must speed up market structure legislation,” Trump wrote. “Americans deserve to get higher returns on their money.” He also criticized banks for trying to derail the administration’s crypto policy agenda despite posting record profits, warning that vague regulatory rules could shift the U.S.’s crypto sector advantage to countries like China.
Sources note the banking industry has repeatedly pushed for amendments to the GENIUS Act related to stablecoin returns. Some lobbyists argue allowing stablecoins to offer returns could siphon deposits away from traditional banks.
In response, Trump said banks shou
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Trump Retaliates Against Spain's Refusal to Lend Base for Iran Strike, Will Impose Full Trade Embargo on Spain
March 4
On Tuesday, U.S. President Donald Trump threatened to impose a comprehensive trade embargo on Spain after the European Union and NATO ally refused to let American troops use its military base for counter-Iran missions.
Trade law scholars noted that despite last month’s Supreme Court ruling against Trump’s tariff authority under the International Emergency Economic Powers Act (IEEPA), he still has the power to impose a trade embargo—but only if he declares a national emergency, citing Spain as an “unusual and extraordinary threat” to the U.S.
In a statement, the Spanish government responded that the U.S. must respect the autonomy of private businesses, international law, and the U.S.-EU bilateral trade agreement.
(Source: Golden Finance)
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Coinbase CEO Acknowledges Base App's SocialFi Experiment "Did Not Work Out"
March 4th — Coinbase CEO Brian Armstrong told David Senra on his podcast that the SocialFi feature the Base App launched last year “didn’t really pan out.”
Armstrong noted the feature was always an experiment, but its real-world performance fell short of expectations. As a result, Coinbase has shifted its product focus: the Base App will now double down on trading functionality and the self-custody wallet experience, positioning it more like a “self-custody version of the Coinbase app.”
In July 2025, Coinbase will rebrand its non-custodial Coinbase Wallet as the Base App, framing it as an on-chain “super app” integrating social tools, messaging, gaming, and trading. Base team lead Jesse Pollak had actively promoted the Creator Coin feature, which lets users tokenize creator accounts or social content — with users able to buy related tokens via likes or interactions to support creators’ earnings.
Armstrong added that during the SocialFi experiment, some posts racked up thousand
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Trump Announces Insurance for Maritime Oil Transport, Navy Will Escort When Needed
On March 4, U.S. President Donald Trump announced via social media:
"I’ve directed the U.S. International Development Finance Corporation (DFC) to offer political risk insurance and financial security at a very reasonable rate for all maritime trade in the Gulf region—especially energy shipments. This will be available to all shipping companies. If needed, the U.S. Navy will begin escorting oil tankers through the Strait of Hormuz as soon as possible. In any event, the U.S. will ensure energy flows freely to the world. More actions are coming."
Following this announcement, Brent crude and WTI crude both plunged more than $2.5 per barrel in short-term trading.
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Trump: We have a five-month period where we can impose a 15% tariff on different countries
On March 4, Trump stated the U.S. has five months to impose a 15% tariff on various countries, and will roll out the tariffs for different nations gradually after the deadline.
However, a White House correspondent for a foreign outlet noted that Trump has repeatedly claimed today the alternative 15% tariff is in effect—but the White House has not implemented it, and the tariff remains at 10%.
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