Trump Says Banks Undermining GENIUS Act, Demands Faster U.S. Crypto Rules

U.S. President Trump said the banking industry is trying to dilute the GENIUS Act, America's first regulatory framework for stablecoin issuance, and urged Congress to move quickly on crypto legislation, ChainCatcher reports. In a Truth Social post, he argued that banks are seeking to steer the legislative process, criticized them for allegedly blocking the government's crypto agenda while reporting record profits, and warned that without timely regulation, the United States could lose crypto advantages to countries such as China. Congress is currently reviewing the CLARITY Act, which aims to define how the SEC and CFTC divide oversight of the crypto sector, after the bill received bipartisan backing in the House last year. Banks are lobbying to revise GENIUS Act language on stablecoin yields, arguing interest-bearing stablecoins might draw deposits away from traditional banks, while Trump called for reasonable compromise with the crypto industry.