Eric Trump, son of former U.S. President Donald Trump and co-founder of the cryptocurrency company World Liberty Financial, criticized the banking sector on Tuesday for opposing legislation that would allow stablecoin yields within the crypto market framework.
He stated on X (formerly Twitter) that major banks such as JPMorgan Chase, Bank of America, and Wells Fargo are working hard to prevent Americans from earning higher returns on their savings while simultaneously blocking any incentives or benefits for customers.
According to Eric Trump, these banks offer minimal interest rates compared to what they receive from the Federal Reserve and retain those earnings as profit.
He highlighted that banks are now aggressively targeting cryptocurrencies and stablecoins because platforms intend to provide yields or rewards exceeding 4–5%.
The American Bankers Association (ABA) and other lobbying groups are reportedly investing millions in efforts to prohibit or limit these yields through legislation like the Clarity Act. They claim it’s about “fairness” and “stability,” but Eric argues it’s actually about preserving their low-interest monopoly and stopping deposits from moving away. He described this stance as anti-retail, anti-consumer, and fundamentally un-American.
World Liberty Financial issues its own stablecoin called USD1 under its umbrella organization. The company is also pursuing a charter with the Office of the Comptroller of the Currency (OCC).
Over the past year, Eric Trump has voiced frustrations with traditional banks at various conferences, alleging that he and his family have been “debanked.”
The former president himself commented on Tuesday regarding the Clarity Act by urging Congress to pass it while criticizing banks for resisting negotiations related to stablecoin yield provisions in this bill. It remains uncertain whether posts by Donald or Eric Trump will influence ongoing discussions significantly.
This statement came shortly after Donald Trump’s meeting with Coinbase CEO Brian Armstrong—who had publicly withdrawn support for parts of this bill earlier in January due to concerns over certain stablecoin regulations among other problematic clauses.
Additionally, Patrick Witt—the White House executive director responsible for cryptocurrency matters—responded critically toward JPMorgan CEO Jamie Dimon after Dimon suggested that issuers of stablecoins should be regulated similarly to traditional banks earlier Wednesday.