Trump accuses banks of undermining crypto bills as Clarity Act negotiations stall
President Trump has accused U.S. banks of undermining crypto legislation, specifically the Clarity Act, warning that delays in market structure reforms could harm the U.S. position as a global digital asset hub and push innovation toward competitors like China. While the GENIUS Act, which established a federal framework for stablecoins, was passed last year, the broader Clarity Act—aimed at defining regulatory roles and providing legal certainty—has stalled in the Senate. Key disagreements include whether stablecoins should be allowed to offer yield-like rewards, with banks arguing such features risk financial stability and deposits, while the crypto industry warns that strict limits would stifle innovation. Trump framed the issue as a matter of economic competitiveness and criticized banks for record profits amid efforts to constrain crypto growth. The legislative delay continues as bipartisan negotiations struggle to resolve these disputes.
ambcrypto03/03 23:29
