Trump: The stablecoin bill GENIUS is "threatened" by the banking industry due to Congress's delay in passing the market structure bill.
PANews reported on March 4th that, according to The Block, US President Trump posted on Truth Social that the stablecoin legislation, GENIUS, is being threatened and sabotaged by banks. Trump stated that the US needs to complete market structure legislation as soon as possible, and Americans should be able to make more money with their money. He pointed out that banks are setting profit records and cannot be allowed to undermine a strong crypto agenda, otherwise that agenda will flow to other countries.
Trump has made it clear that banks should not attempt to weaken the GENIUS Act or hijack the CLARITY Act; they need to reach a good agreement with the crypto industry because it is in the best interests of the American people. The CLARITY Act, currently under consideration in Congress, will clarify the specific responsibilities of the SEC and CFTC in regulating the crypto industry. The bill passed the House of Representatives with bipartisan support last year and has now been submitted to the Senate, where the Banking Committee and the Agriculture Committee have advanced different draft versions of the legislation.
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The Financial Action Task Force (FATF) has warned that stablecoins are becoming a primary tool for illicit transactions and called for stronger regulation of their issuers.
Trump Presses Congress as Stablecoin Tensions Escalate Between US Banks and Crypto Firms
