BlockBeats News, March 4th, former U.S. President Trump stated that the GENIUS Act, the first U.S. regulatory framework for stablecoin issuance, is facing “threats and weakening” from the banking industry. He posted on Truth Social, mentioning that banks are trying to influence the related legislative process and urged Congress to expedite the cryptocurrency market structure bill.
Trump said, “The United States must expedite market structure legislation. Americans should allow their funds to achieve higher returns.” He also criticized the banking industry for attempting to obstruct the government’s cryptocurrency policy agenda while recording record profits. He warned that if the regulatory framework is not clarified promptly, the U.S.’ advantage in the cryptocurrency field may flow to countries like China.
It is reported that the banking sector has always sought to amend the relevant stablecoin yield clauses in the GENIUS Act. Some lobbyists believe that allowing stablecoins to provide yield may attract bank deposits out of the traditional banking system.
In response, Trump stated that banks should not try to weaken the GENIUS Act or “hold hostage” the progress of the CLARITY Act. He called on the banking industry to reach a reasonable compromise with the cryptocurrency industry to align with the overall interests of the American public.
