President Donald Trump had a searing response Tuesday to the banking industry, saying that banks were trying to "undermine" controversial legislation he has touted.
Trump has pushed the Guiding and Establishing National Innovation for U.S. Stablecoins, also known as the GENIUS Act. The bill seeks to create a legal framework for stablecoins, or digital assets whose value is tied to a physical asset like fiat currency or gold. It has support from the crypto industry, which considers the bill an important step toward mainstreaming digital assets.
Trump attacked banks, calling them out and claiming that if the United States doesn't act quickly to pass the cryptocurrency bill, China would benefit and make America less competitive.
Negotiations between the White House and the crypto and banking industry were underway, with representatives weighing in over the bill's language, according to CoinDesk.
He shared the following on his Truth Social platform:
"The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it. The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money. The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of. The Genius Act was the U.S.A.’s first big step to make the United States the Crypto Capital of the World, and getting The Clarity Act done is the next step to finish the job and, most importantly, keep this big and powerful Industry in our Country. The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People. This Industry cannot be taken from the People of America when it is so close to becoming truly successful. Thank you for your attention to this matter! President DONALD J. TRUMP"