Trump Warns Banks Against Undermining Crypto Agenda
In a combative post on his Truth Social platform, Trump took direct aim at banks he accused of undermining the Genius Act — a stablecoin regulatory framework he signed into law last year — insisting the legislation was not receiving the respect it warranted from the industry.
"The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it," he said.
Trump pressed for rapid finalization of a broader digital asset market structure, framing regulatory clarity as essential to ensuring Americans could maximize returns on their money. He warned that without legislative action, the booming crypto sector risked migrating to rival nations — with China explicitly named as the chief beneficiary of U.S. inaction.
"The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don't get The Clarity Act taken care of," he said.
The Clarity Act, which Trump championed alongside the Genius Act, is designed to provide binding legal certainty for digital assets — a measure he described as completing what he called the first serious effort to establish the United States as the dominant force in global crypto.
"The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that's what's in best interest of the American People," Trump stressed.
The president's full-throated embrace of cryptocurrency marks a striking reversal. Prior to May 2024, Trump was a vocal skeptic of digital assets — but as a presidential candidate he pivoted sharply, becoming one of the industry's most prominent advocates. His family has since become directly and substantially involved in cryptocurrency ventures, a development that has drawn sustained criticism from political opponents.
Democratic Senator Elizabeth Warren has been among the sharpest critics, alleging the president is exploiting his position for personal financial gain. "Congress needs to grow a spine and put a stop to Trump's crypto corruption," Warren said last month, linking a Trump crypto deal to an arrangement involving the overseas sale of advanced AI-capable semiconductors.
The White House rejected the allegations outright. In a formal statement, White House Counsel David Warrington fired back, saying: "President Trump performs his constitutional duties in an ethically sound manner and to suggest so otherwise is either ill-informed or malicious."
With billions in digital asset market value and America's long-term positioning in the global crypto race now openly at stake, the confrontation between Trump's administration and the nation's most powerful financial institutions shows no signs of cooling.
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