- Trump accuses banks of blocking the GENIUS Act and delaying the CLARITY Act over stablecoin reward disputes.
- Senate debates focus on whether yield-bearing stablecoins threaten traditional banking models.
- Analysts say delays risk derailing broader crypto reform, though mid-2026 passage remains possible.
President Donald Trump publicly accused U.S. banks of obstructing major crypto legislation. Writing on Truth Social, he urged Congress to advance the GENIUS Act and the CLARITY Act without delay. The remarks came in Washington after weeks of stalled negotiations over stablecoin rules and market structure, despite White House-led talks.
Trump Targets Banks Over GENIUS and CLARITY Acts
Trump said banks are undermining the GENIUS Act while holding the CLARITY Act “hostage.” He argued that delays threaten U.S. leadership in digital assets. According to Trump, banks are posting record profits while resisting reforms tied to crypto market structure.
He added that Americans should earn more from their money. However, he claimed banks oppose stablecoin reward programs for that reason. Trump warned that failure to act could push crypto innovation toward China and other countries.
The White House has facilitated negotiations between banks and crypto firms. Those talks, led by White House crypto adviser Patrick Witt, extended beyond an informal March 1 deadline. The central dispute remains whether stablecoin issuers can offer yield-based rewards.
Divisions Inside Crypto and Banking Sectors Persist
Despite Trump’s push, Senate support remains uncertain. Lawmakers continue debating whether stablecoin rewards could disrupt traditional banking. Banking groups want strict limits, while crypto firms seek flexibility.
Notably, divisions also exist within the crypto industry. Charles Hoskinson criticized the CLARITY Act’s current language. He argued it risks classifying most digital assets as securities. His comments again targeted Brad Garlinghouse, who supports advancing the bill.
In response, David Schwartz said a flawed bill remains better than none. Meanwhile, Mike Selig called for immediate passage. In an X post, he said the Commodity Futures Trading Commission stands ready to implement the CLARITY Act.
Senate Outlook Unclear as Pressure Builds
According to TD Cowen executive Jaret Seiberg, banks may ultimately lose the stablecoin debate. However, he warned prolonged talks could derail the broader bill.
JPMorgan analysts project CLARITY could pass by mid-2026. For now, lawmakers await a Senate markup session expected later this month.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Crypto investment scams are rampant! FBI report: Americans were tricked out of $11.4 billion last year, up 22% year over year
An FBI report shows that in 2025, the United States lost $11.4 billion due to cryptocurrency scams, up 22% from the previous year. Many of the scams are controlled by criminal groups in Southeast Asia. Victims lose an average of more than $60k each, and many even lose their life savings.
区块客3h ago
U.S.-Iran ceasefire for 2 weeks! Bitcoin surges past $72,000, with shorts getting forcibly liquidated—liquidations exceeding $400 million.
Middle East conflict turned for the better after the U.S. and Iran agreed to a two-week ceasefire, with market risk sentiment recovering. U.S. stock index futures jumped sharply. Bitcoin broke through the $72,000 high, while oil prices plunged. Although the current rebound is significant, analysts warn that uncertainty around how the ceasefire agreement will be carried out and the overall economic pressure may still limit how long the rally can last.
区块客3h ago
CryptoQuant: Sustainable futures longs are catalyzing BTC and ETH to rise, not liquidation-triggered
CryptoQuant research indicates that after the ceasefire agreement, the price rise in Bitcoin and Ethereum was driven by new longs establishing positions, not by short liquidations. The open interest in BTC and ETH perpetual futures increased by $2.1 billion and $2.2 billion, respectively. Renewed institutional buying in the U.S. brought the Coinbase premium back into positive territory. Bitcoin broke above $69,400, targeting $79,000.
MarketWhisper3h ago
The CIA plans to embed AI into all analytical platforms to assist with intelligence analysis and counterintelligence work
The U.S. CIA Deputy Director Michael Ellis said the CIA will incorporate AI into its analytical platforms over the next few years, but humans will still be the decision-makers. He mentioned a dispute with Anthropic and emphasized that competition between the U.S. and China in technology innovation is intensifying. AI and blockchain analytics will be key areas.
GateNews3h ago
Gate Daily Report (April 10): U.S. Treasury Secretary supports sending the “CLARITY Act” to President Trump; WLFI’s $75 million stablecoin-backed loan sparks panic
Bitcoin surged in the short term to $71,830 before pulling back. U.S. Treasury Secretary Bessent advancing the “CLARITY Act” faces challenges that could affect stablecoin legislation. WLFI borrowed $75 million in stablecoins, raising liquidation risk. U.S. stocks rose on expectations of peace talks, and market sentiment is optimistic, but liquidity in capital flows still needs improvement.
MarketWhisper3h ago
The U.S. Department of the Treasury expands cyber security intelligence, and encrypted companies receive traditional finance–level protection
The U.S. Department of the Treasury expands its Cybersecurity Threat Identification Program, providing free threat intelligence services for blockchain companies to address the cybersecurity challenges facing the digital asset industry. A series of recent attack incidents, especially cases involving North Korean infiltration, have highlighted the risks to the crypto industry, prompting the government to incorporate it into its financial infrastructure protection framework to improve security defenses.
MarketWhisper4h ago
