Trump urges passage of Clarity Act, accuses banks of 'undercutting' GENIUS

U.S. President Donald Trump said in a Truth Social post that bankers are trying to undermine the GENIUS Act — the signature stablecoin legislation he signed into law last year — and urged passage of Congress’ market structure bill without interference. He wrote, "The U.S.

needs to get Market Structure done, ASAP. Americans should earn more money on their money," and warned banks against holding the Clarity Act "hostage," arguing the bill is necessary to keep the crypto industry in the U.S. "They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People," he said.

The market structure bill has been in limbo since the Senate Banking Committee indefinitely postponed a markup hearing in January. The most public fight centers on whether third parties can offer yield on stablecoin deposits; banks fear deposit flight, while crypto firms say people should be allowed to earn yield and that the GENIUS Act permitted the practice.

United States

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