Donald Trump urged Congress to advance digital-asset market-structure legislation, accusing major banks of trying to undermine the administration’s crypto agenda amid a dispute over stablecoin yield.
In a Truth Social post, Trump called for swift passage of the CLARITY Act, arguing that delays risk pushing the industry overseas and stalling efforts to position the US as a global crypto hub.
The standoff centres on whether crypto firms should be allowed to offer yield on stablecoin balances, with Jamie Dimon of JPMorgan Chase saying companies offering rewards should instead operate under banking rules to avoid regulatory imbalance.
The CLARITY Act would define whether digital assets fall under the Securities and Exchange Commission or the Commodity Futures Trading Commission, addressing long-standing jurisdictional uncertainty in the sector.
Negotiations stalled after Brian Armstrong’s Coinbase withdrew support, citing amendments that could limit stablecoin rewards programs.
Meanwhile, the Office of the Comptroller of the Currency is moving forward with implementing the GENIUS Act, which established a federal framework for payment stablecoins and mandates reserve, anti-money-laundering and risk-management standards.
With midterm elections approaching, industry participants warn that failure to resolve the yield dispute soon could significantly reduce the odds of passing comprehensive market-structure legislation this year.