Eric Trump, one of US President Donald Trump’s sons and co-founder of crypto firm World Liberty Financial, lashed out at the banking industry on Tuesday for its opposition to allowing a stable coin yield in crypto market structure legislation.
“Big banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are putting additional pressure to prevent Americans from getting higher returns on their savings, while also trying to prevent rewards or perks from being provided to customers,” he said in a post on X, the site formerly known as Twitter.
He said banks pay marginal interest compared to the interest paid to them by the Federal Reserve and keep the funds as profits.
“Today, banks are desperately targeting crypto/stablecoins, where platforms plan to offer 4-5%+ returns or rewards,” he said.
“The ABA and other lobbyists are spending millions trying to ban or restrict these returns through bills like the Clarity Act, crying about ‘fairness’ and using words like ‘stability’ – when really it’s about protecting their low-rate monopoly and preventing deposit flight. It’s anti-retail, anti-consumer and downright un-American,” he said.
World Liberty, the company he co-founded, issues its own stablecoin, 1 USD. The World Liberty organization is also seeking a charter through the Office of the Comptroller of the Currency.
Trump has aired his grievances with the banks over the past year, saying at several conferences that they deprived him and his family of their banks.
His father, the US president, published an article on the Clarity Act on Tuesday, urging Congress to move forward with the bill and similarly attacking banks for their recalcitrance in negotiations over stablecoin yield in the bill. It is not yet clear whether his message, or that of Eric Trump, will significantly move things forward in the negotiations.
Donald Trump posted shortly after his meeting with Coinbase CEO Brian Armstrong, who publicly withdrew his support for the bill in January due to stablecoin provisions and other sections that the crypto executive found problematic.
Patrick Witt, the White House’s executive director for crypto issues, also pushed back against JP Morgan CEO Jamie Dimon on Wednesday after Dimon said stablecoin issuers should be regulated like banks.
