President Donald Trump has publicly addressed the legislative impasse surrounding the CLARITY Act, the long-debated crypto market structure bill that has yet to reach his desk for final approval.
The delay, according to ongoing discussions in Washington, largely stems from disagreements between the banking industry and crypto representatives, particularly over provisions related to stablecoin rewards.
Trump Says Banks Are Threatening Stablecoin Law
In a job shared Tuesday on Truth Social, Trump sharply criticized the banking industry, accusing it of trying to weaken both the broader crypto framework and a separate stablecoin measure he signed into law last year — the GENIUS Act.
“The Genius Act is being threatened and undermined by the banks, and it is unacceptable – we will not allow it,” Trump wrote. He argued that there was an urgent need for comprehensive market structure legislation, adding: “The United States needs to get the market structure in place, as soon as possible. Americans should make more money with their money.”
The president also claimed that financial institutions, despite their record profits, oppose policies aimed at expanding opportunities in the digital asset sector.
Trump warned that failing to finalize the CLARITY Act could weaken America’s position in the global crypto race. “We are not going to allow them to undermine our powerful crypto program that will eventually end up in China and other countries if we ignore the Clarity Act,” Trump said.
Calls for bank-crypto cooperation
Trump further urged the banking industry to reach constructive agreements with the crypto industry, arguing that collaboration would best serve the interests of American consumers and businesses.
“This industry cannot be taken away from the American people when it is so close to becoming truly successful,” he wrote, closing his message by calling for attention to this issue.
On the legislative front, progress on the CLARITY Act has been uneven. The Senate Agriculture Committee advanced its portion of the bill in January of this year. However, a broader movement has stalled.
The Senate Banking Committee had originally planned a markup in January, but that session was canceled amid the same disputes between bank representatives and crypto advocates that continue to complicate negotiations. The committee would now aim for a new marking date between mid-March and the end of March.
Featured image from OpenArt, chart from TradingView.com
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