Eric Trump has accused major U.S. banks of lobbying aggressively against crypto platforms offering higher yields to consumers, escalating tensions between the traditional financial sector and the digital asset industry.
Summary
- Eric Trump accused major U.S. banks of lobbying against crypto and stablecoin yield products.
- The comments come as debate intensifies around the CLARITY Act and GENIUS Act.
- Donald Trump also criticized banks, arguing legislation is needed to keep the U.S. competitive in the crypto sector.
Eric Trump accuses big banks of lobbying against crypto yields
In a post on X, Eric Trump claimed that institutions such as JPMorgan Chase, Bank of America, and Wells Fargo are attempting to block Americans from earning higher returns through crypto-based savings products.
“Big banks are lobbying overtime to block Americans from getting higher yields on their savings,” Trump wrote, arguing that traditional lenders offer extremely low annual percentage yields, often between 0.01% and 0.05%, despite benefiting from higher interest rates paid by the Federal Reserve.
According to Trump, the banking sector is particularly concerned about crypto and stablecoin platforms that are planning to offer yields or rewards in the 4% to 5% range. He alleged that banking lobby groups are spending heavily to restrict those products through legislation and regulatory pressure.
The comments come as lawmakers debate new digital asset legislation in Washington, including the CLARITY Act, which aims to define the regulatory framework for cryptocurrencies, and the GENIUS Act.
Trump argued that banks are invoking concerns about “fairness” and financial stability while attempting to protect profit margins built on the gap between the interest they receive and the rates paid to depositors.
The criticism echoes remarks made by Donald Trump, who recently said large banks are attempting to undermine crypto legislation that could strengthen the United States’ position in the global digital asset industry.
In a statement posted on Truth Social, the president said Congress must move quickly on market structure legislation to prevent the crypto industry from shifting to other countries.
The debate highlights growing friction between the banking industry and crypto firms as policymakers weigh how to regulate digital assets while maintaining the competitiveness of the U.S. financial system.
