Trump: Banking Industry's Destruction GENIUS Stablecoin Bill Must Be Passed Quickly Through Crypto Market Structure Legislation

BlockBeats News, March 4th, former U.S. President Trump stated that the GENIUS Act, the first U.S. regulatory framework for stablecoin issuance, is facing "threats and weakening" from the banking industry. He posted on Truth Social, saying that banks are trying to influence the relevant legislative process and urged Congress to expedite the Cryptocurrency Market Structure Act.

Trump said: "The U.S. must expeditiously pass market structure legislation. Americans should allow their funds to achieve higher returns." He also criticized the banking industry for attempting to hinder government-driven cryptocurrency policy agendas while recording record profits, and warned that if the regulatory framework is slow to clarify, the U.S.'s advantage in the cryptocurrency field may flow to countries like China.

It is reported that the banking sector has always been advocating for amendments to the GENIUS Act regarding stablecoin returns. Some lobbyists believe that allowing stablecoins to provide returns may attract bank deposits out of the traditional banking system.

In response, Trump stated that banks should not try to weaken the GENIUS Act or use it to "hold hostage" the progress of the CLARITY Act, and called on the banking industry to reach a reasonable compromise with the cryptocurrency industry to align with the overall interests of the American public.