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 should not attempt to weaken the GENIUS Act or use it to “hold hostage” progress on the CLARITY Act. He called on the banking sector to strike a reasonable compromise with the crypto industry to align with the overall interests of the American public. (Reporting by The Block)