Crypto: Donald Trump Takes Swipe At Banks Over Stalled Crypto Bill 2026

Trump has urged banking groups to “make a good deal” with the crypto industry and said undermining the GENIUS Act is “unacceptable.”

US President Donald Trump has taken a shot at banks for stalling the crypto market structure bill from advancing in the Senate over stablecoin yield payments.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it,” Trump posted on his Truth Social platform on Tuesday, mentioning the GENIUS Act that Congress passed in July to regulate stablecoins.

Trump has touted the GENIUS Act as his crowning achievement to attract crypto companies to the US. The law gives stablecoin issuers a path to regulation, but bans them from directly offering yield payments to holders.

However, third-party platforms such as crypto exchanges can still offer yield to users who hold stablecoins.

Banking groups have argued that it is a legal loophole and are pushing for the Senate’s crypto market structure bill to include a ban on all stablecoin yield payments. The House passed its version of the bill, called the CLARITY Act, in July.

“The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People,” Trump said.

Crypto executives and lobbyists have resisted the banks' efforts to include a ban on stablecoin yield payments in the bill, with major lobbyist Coinbase pulling its support for the legislation in January over the issue.

The legislation has since been stalled as the Senate Banking Committee postponed a markup on the bill after Coinbase withdrew support in January, and has yet to set a date to review the legislation.

Banking groups have said that stablecoin yield payments would see money move from bank accounts to stablecoins and risk the stability of the banking system.

Source: CoinTelegraph