Trump and banks clash over stalled US crypto bills GENIUS and CLARITY

Trump escalates dispute with banks

President Donald Trump accused major banks of threatening and undermining his crypto agenda in a Truth Social post on 03 March 2026. He made the comments while defending what he calls a powerful crypto agenda for the United States.

"The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda.", 03 March 2026. — Donald Trump, President of the United States

GENIUS act stalled over stablecoin yield

The GENIUS Act is described as the first United States regulatory framework for stablecoin issuance. Progress in the Senate has stalled after a dispute between banks and crypto firms over whether stablecoin issuers may pay interest or yield to customers on token balances.

Banking lobby warns of deposit flight risk

The American Bankers Association warned in a January 2026 letter that 6.6 trillion United States dollars of bank deposits are at risk if stablecoins gain broad adoption. A planned Senate Banking Committee vote on GENIUS was scrapped in January 2026, while federal bank regulators, including the Federal Reserve and the Office of the Comptroller of the Currency, are preparing implementing rules.

"The banks are really coming and trying to undermine the president's crypto agenda. They're trying to protect their own profit margins, taking money out of the pockets of hardworking, average Americans and putting it into the coffers of big banks hitting record profits.", 15 January 2026. — Brian Armstrong, CEO, Coinbase

Clarity act and geopolitical framing

Trump also pressed Congress to pass the CLARITY Act, also called the Crypto Market Structure Act, as quickly as possible. He framed delays as a risk that the United States cedes crypto leadership to China and said the industry cannot be taken from the people of America.