Eric Trump, co-founder of crypto firm World Liberty Financial and son of U.S. President Donald Trump, launched a scathing public attack on major U.S. banks, accusing them of lobbying to block Americans from accessing higher yields through stablecoins. In a post on X on Tuesday, March 4, 2026, Trump specifically named JPMorgan Chase, Bank of America, and Wells Fargo, alleging they are working "overtime" to prevent customers from earning rewards or perks on crypto platforms while offering minimal interest on traditional savings.
He argued that banks pay customers "marginal interest" compared to the interest they receive from the Federal Reserve, keeping the difference as profit. "Today, the banks are desperately targeting crypto/stablecoins, where platforms plan to offer 4–5%+ yields or rewards," Trump stated. He characterized the banks' actions, led by lobbyists like the American Bankers Association (ABA), as "anti-retail, anti-consumer, and straight-up anti-American," aimed at protecting a "low-rate monopoly" and preventing deposit flight.
The core of the conflict is the ongoing legislative battle over stablecoin regulation, specifically provisions within bills like the Clarity Act and the Genius Act. Crypto companies support these bills for regulatory clarity to foster institutional adoption. However, major banks are lobbying against provisions that would allow crypto platforms to offer interest or rewards on stablecoins, viewing them as direct competition to traditional savings accounts and money market funds.
This tension has stalled progress in the Senate. President Donald Trump also weighed in, urging Congress to advance the Clarity Act and criticizing banks for being recalcitrant in negotiations over stablecoin yield. His post followed a meeting with Coinbase CEO Brian Armstrong, who had previously withdrawn support from the bill due to its stablecoin provisions.
The debate underscores a fundamental power struggle over the future of finance. Traditional banks seek to maintain dominance over financial services, while digital assets offer faster, cheaper, and more transparent alternatives. Eric Trump's criticism reflects growing industry frustration, and the outcome of this regulatory fight is poised to shape the trajectory of digital asset adoption in the United States and potentially globally.
