Eric Trump, one of US President Donald Trump’s sons and co-founder of cryptocurrency company World Liberty Financial, attacked the banking industry on Tuesday for its opposition to allowing stablecoin performance in cryptocurrency market structure legislation.
“Big banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are pushing overtime to prevent Americans from earning higher returns on their savings, while trying to block any rewards or benefits from being given 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 the Federal Reserve pays them and hold the funds as profits.
“Nowadays, banks are desperately targeting cryptocurrencies/stablecoins, where platforms plan to offer returns or rewards of more than 4% to 5%,” he said.
“The ABA and other lobbyists are spending millions trying to ban or restrict those returns through bills like the Clarity Act, shouting ‘justice’ and using words like ‘stability,’ when really it’s about protecting their low-rate monopoly and preventing deposit drains. This is anti-retail, anti-consumer and blatantly anti-American,” he said.
World Liberty, the company he co-founded, issues its own stablecoin, $1. The World Liberty organization is also in the process of seeking a charter through the Office of the Comptroller of the Currency.
Trump has shared his grievances with banks over the past year, saying in multiple conferences that they unbanked him and his family.
His father, the president of the United States, posted on Tuesday about the Clarity Act, urging Congress to move forward on the bill and similarly attacking banks for being recalcitrant in negotiations over the performance of stablecoins in the bill. So far it is unclear whether his position, or even Eric Trump’s, will significantly change the situation in the negotiations.
Donald Trump posted shortly after 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.
White House executive director of crypto issues Patrick Witt also criticized JP Morgan CEO Jamie Dimon earlier Wednesday after Dimon said stablecoin issuers should be regulated like banks.
