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TEXXR

Chronicles

The story behind the story

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Trump says “the GENIUS Act is being threatened and undermined by the banks”, which are holding the CLARITY Act hostage, as they oppose stablecoin yield payouts

U.S. President Donald Trump said in a post on Truth Social that the banking industry is trying to undermine the stablecoin bill he signed into law last year.

CoinDesk Nikhilesh De

Discussion

  • @senlummis Senator Cynthia Lummis on x
    America can't afford to wait. Congress must move quickly to pass the Clarity Act. Let's make the U.S. the digital asset capital of the world.
  • @erictrump Eric Trump on x
    The “Big Banks”—the very institutions that have held a monopoly and screwed their customers for years, offering near-zero yields on retail Money Market Accounts while crushing low-balance accounts with exorbitant fees—are now doing everything they can to block the Crypto industry…
  • @chairmanselig Mike Selig on x
    .@POTUS is right - the CLARITY Act must pass. It's critical we have a future-proof digital asset market structure in place. The @CFTC is eager to implement the Act under this historic administration. President Trump is unleashing a Golden Age in America, and this legislation is a
  • @chucktodd Chuck Todd on x
    Can't even pretend there's a fire wall between the presidency and the family businesses? Just because it's transparent doesn't make it legal and or ethical.
  • @brendanpedersen Brendan Pedersen on x
    a quick survey of my text messages over the past 10 minutes suggests that there is a diversity of opinion about who is responsible for the delay in finding a stablecoin compromise reminder that we're here because Sen. Tillis (R-NC) embraced banks' arguments about yield risks
  • @brendanpedersen Brendan Pedersen on x
    President Trump says the GENIUS Act, which regulates stablecoins, “is being threatened and undermined by the Banks” says market structure reforms must be completed by Congress “ASAP” banks and crypto have been negotiating a compromise on stablecoin yield [image]
  • @aaronrday Aaron Day on x
    The GENIUS Act is a backdoor CBDC. Trump's family through USD1 is one of the biggest personal beneficiaries - as is US Commerce Secretary Howard Lutnick (through Tether). They are planning to use these backdoor CBDCs through the Board of Peace with the technocratic
  • @faryarshirzad Faryar Shirzad on x
    Thank you Mr. President. @POTUS @realDonaldTrump. [image]
  • @_jikim Ji Kim on x
    Thank you @POTUS for remaining committed to ensuring American leadership in digital assets. It is imperative that the U.S. leads. CCI is focused on ensuring that market structure legislation passes and is enacted as soon as possible. We remain committed to working constructively
  • @drjstrategy James E. Thorne on x
    For the record. Jamie Dimon says he wants a “level playing field” for stablecoins. What he really wants is to make sure nobody can offer you a better deal on your own money than tradtional banks can. The president is right to call the banks out on this. We've seen this before.
  • @ronwhammond Ron Hammond on x
    The closer we get to the election, the odds for CLARITY passage get lower. Banks know this. Stall long enough til election politics takes over. It's a classic lobbying tactic. But Trump is the kind of x factor that could force their political calculus to change...
  • @alexandergrieve Alexander Grieve on x
    Thank you @realDonaldTrump — let's get this done
  • @nic_carter Nic Carter on x
    Thank you Dr Trump! This is the right take on the issue. No bailout for the banks.
  • @jseyff James Seyffart on x
    This is the correct interpretation of what's happening around the Clarity Act in DC at the moment (obviously just my humble opinion)
  • @amitisinvesting Amit on x
    TRUMP: - GENIUS ACT BEING THREATENED BY THE BANKS - IF WE DON'T GET THE CLARITY ACT DONE, CHINA WILL BE MORE POWERFUL IN CRYPTO first time he's discussed crypto in a while, looks like he's positioning the Big Banks as the enemy now... $BTC $ETH $HOOD $MSTR $BMNR $COIN [image]
  • @realpeteyb123 Peter B on x
    Holy shit!!! I thought he would, and that's why I was backing Coinbase all along, but I never dreamed of seeing a President back the crypto market instead of the bankers! We finally winning. Consumers are winning and Americans are winning. Pass the Clarity Act! [image]
  • @iampaulgrewal Paul Grewal on x
    Yep.
  • @dangambardello Dan Gambardello on x
    Trump just went after the banks for trying to undermine the GENIUS Act and stall the Clarity Act. The real issue is banks are afraid stablecoin yield will pull deposits out of the traditional system. That's what's holding up crypto market structure legislation...
  • @summermersinger Summer Mersinger on x
    Thank you Pres. Trump for prioritizing this critical legislation. Clear market structure rules are essential to protect Americans, foster innovation, and keep the US the crypto capital of the world. We're at the negotiating table ready to get this done. Let's finish the job.
  • @metacurity.com Cynthia Brumfield on bluesky
    Every minute of every day it's something.  [embedded post]