Trump Says Banks Undermining GENIUS Stablecoin Bill, Urges Congress to Pass Crypto Market Structure Law

U.S. President Trump said the GENIUS Act, described as America's first regulatory framework for stablecoin issuance, is being weakened by the banking industry, ChainCatcher reports. He wrote on Truth Social that banks are trying to shape the legislative process and urged Congress to move quickly on the Crypto Market Structure Act, arguing that the United States must finalize market structure legislation soon so Americans can earn higher returns on their funds. The banking sector has repeatedly sought changes to GENIUS Act provisions on stablecoin yields, with some lobbyists warning that allowing stablecoins to generate returns might divert deposits from traditional banks. Trump added that banks should not seek to undercut the GENIUS Act or use it to stall the CLARITY Act, and called on banking and crypto interests to reach a compromise that he said would better serve the American public and help prevent the country's crypto advantages from shifting to jurisdictions such as China.