Washington: US President Donald Trump has accused banks of attempting to undermine regulations governing digital assets, warning that his administration would not allow financial institutions to weaken legislation regulating the stablecoin market. In a Tuesday post on his Truth Social platform, Trump emphasized the importance of the Genius Act, which he signed last year, to establish a regulatory framework for stablecoins, and expressed concern that it is not receiving the deference it deserves from banks.
According to Anadolu Agency, Trump stated, "The Genius Act is being threatened and undermined by the Banks, and that is unacceptable - We are not going to allow it." He highlighted the necessity of finalizing a broader market structure framework for digital assets to enable Americans to generate greater returns from their investments.
Trump criticized banks for achieving record profits and insisted that they should not undermine the administration's "powerful Crypto Agenda," which aims to prevent the digital asset sector from shifting to countries like China. He urged the need for passing the Clarity Act to provide legal certainty for digital assets, describing the Genius Act as the first significant step toward establishing the United States as the "crypto capital of the world."
Furthermore, Trump accused banks of trying to undercut the Genius Act and holding the Clarity Act hostage, urging them to collaborate with the crypto industry in the best interest of the American people. He reiterated that the burgeoning industry should remain in the United States and not be taken away from the American people.
Previously a critic of cryptocurrency, Trump has become an enthusiastic supporter since becoming a presidential candidate for May 2024. His involvement, along with his family's participation in the crypto business, has attracted criticism. Democratic Senator Elizabeth Warren recently called for Congressional action, alleging a connection between Trump's crypto dealings and an agreement to sell AI-capable computer chips abroad.
White House Counsel David Warrington defended Trump, asserting that the President performs his constitutional duties ethically and dismissing allegations of corruption as either ill-informed or malicious.