In a recent post on Truth Social, former U.S. President Donald Trump accused bankers of attempting to sabotage the GENIUS Act, the prominent stablecoin legislation he enacted last year. He called for Congress to advance its crypto market structure legislation without any hindrance.
“It’s crucial for the U.S. to finalize Market Structure as soon as possible,” he stated in his message. “Americans deserve to earn more from their investments.” He highlighted that banks are achieving record profits and emphasized that they should not be allowed to jeopardize America’s robust Crypto Agenda, which could potentially shift towards China and other nations if The Clarity Act is not addressed promptly.
Trump cautioned banks against using the Clarity Act as leverage in his statement, asserting that this bill is vital for maintaining the crypto industry within American borders.
“A fair agreement with the Crypto Industry is essential because it serves the best interests of American citizens,” he remarked.
The market structure bill has faced delays since January when a markup hearing scheduled by the Senate Banking Committee was indefinitely postponed. Several issues are still obstructing its passage; however, a significant point of contention lies between banking institutions and cryptocurrency firms regarding whether third parties should be permitted to provide yield on stablecoin deposits for customers.
Banks fear that allowing platforms like Coinbase and other exchanges to offer yields on stablecoin deposits could result in customers withdrawing funds from traditional banking systems. On the other hand, crypto advocates argue that individuals should have the right to earn returns on their assets—a practice they claim was sanctioned under the GENIUS Act.
The White House has been instrumental in organizing discussions between representatives from both banking and cryptocurrency sectors aimed at refining legislative language related to this bill. Sources familiar with these talks indicate that draft proposals are currently being circulated among lawmakers.
Although there was an initial target set by the White House for reaching an agreement by late February, no resolution has yet materialized. While there remains time for senators to address this issue before summer recesses begin—and before campaign activities ramp up ahead of 2026 elections—the clock is ticking down rapidly.
The Office of the Comptroller of Currency (OCC), a federal regulatory body overseeing banks, recently proposed rules stating that contracts between stablecoin issuers and their third-party partners must clearly outline what services these partners provide; however, it did not outright prohibit yield payouts.
World Liberty Financial—a company linked with Trump—has introduced its own stablecoin named USD1 and recently sought approval from OCC for a trust charter associated with one of its affiliated entities.
This discussion surrounding The Clarity Act marks Trump’s unexpected return into financial policy matters after focusing on military actions against Iran over recent days—actions described by U.S officials as part of a “special combat operation.” These rising tensions have caused disruptions in air travel across parts of Middle East regions along with shipping routes through key areas like Strait of Hormuz.
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UPDATE (March 3, 2026): Additional details added