Trump claims that the GENIUS stablecoin bill is threatened by the banking industry and urges the swift passage of cryptocurrency market structure legislation

The U.S. President Trump stated that the GENIUS Act, which provides a regulatory framework for stablecoin issuance, is currently being threatened and undermined by the banking industry. He posted on Truth Social that banks are trying to influence the legislative process and urged Congress to expedite the advancement of the crypto market structure bill.

Trump stated, "The U.S. must complete market structure legislation as soon as possible. Americans should allow their funds to earn higher returns." He also criticized the banking industry for trying to obstruct the government-driven crypto policy agenda while posting record profits, warning that if the regulatory framework is not clarified soon, the U.S. advantage in the crypto space may shift to countries like China.

It is reported that the banking industry has consistently pushed for amendments to the provisions regarding stablecoin yields in the GENIUS Act. Some lobbyists believe that allowing stablecoins to offer yields could attract bank deposits away from the traditional banking system. In response, Trump stated that banks should not attempt to undermine the GENIUS Act, nor should they leverage this to hinder the advancement of the CLARITY Act. He called for the banking industry to reach a reasonable compromise with the crypto industry to align with the overall interests of the American public.