Trump calls for the approval of the U.S. Clarity Act, criticizes banks for undermining GENIUS.

U.S. President Donald Trump stated in a post on Truth Social that the banking sector is attempting to sabotage the stablecoin legislation he enacted last year.

U.S. President Donald Trump (Shealah Craighead/Modified by CoinDesk)

What to know:

• U.S. President Donald Trump criticized banks in a Truth Social post, claiming they were holding market structure legislation "hostage" due to their opposition to stablecoin yield distributions.
• Trump called for the swift passage of the bill, emphasizing the necessity for the U.S. to lead in crypto legislation.
• Discussions are ongoing between the White House and representatives from the banking and crypto industries regarding the bill’s language.

U.S. President Donald Trump asserted that bankers are attempting to destabilize the GENIUS Act — the key stablecoin legislation he enacted last year — in a Truth Social post on Tuesday, urging Congress to pass the crypto market structure legislation without obstruction.

"The U.S. needs to finalize Market Structure quickly. Americans deserve to earn more from their investments," he stated in the post. "The Banks are achieving record profits, and we will not permit them to undermine our significant Crypto Agenda that could ultimately benefit China and other nations if we do not address The Clarity Act."

He cautioned banks against holding the Clarity Act "hostage" in his message, asserting that the bill is essential for maintaining the crypto sector within the U.S.

"They are required to strike a favorable deal with the Crypto Industry as it aligns with the best interests of the American People," he remarked.

The market structure bill has been stalled since the Senate Banking Committee indefinitely postponed a markup hearing, which was intended for lawmakers to debate and vote on amendments to the bill, in January. Several issues are still delaying the bill’s passage, but the most prominent conflict has arisen between the banking and crypto sectors regarding whether third parties are permitted to provide yield on stablecoin deposits to customers.

Banks express concern that permitting Coinbase and other exchanges to offer stablecoin yield may result in customers withdrawing their deposits from the banking system. Conversely, crypto companies argue that individuals should have the right to earn yield on their assets, a practice they assert was permitted in the GENIUS Act.

The White House has organized meetings between banking and crypto industry representatives to negotiate the bill’s language. Sources familiar with the discussions indicate that draft language is being circulated among lawmakers.

While the White House had set a tentative deadline for the end of February to reach an agreement, none has been finalized yet. The Senate still has time to address the bill, but the timeline is becoming constrained. Lawmakers will take a break during the summer, and the 2026 election cycle is beginning to intensify, which will reduce the time available for the bill.

The Office of the Comptroller of the Currency, a federal banking regulator, stated in a rule proposal last week that the terms of contracts between stablecoin issuers and their third-party partners must clearly outline what these third parties are offering, but the agency did not explicitly prohibit yield payouts.

World Liberty Financial, a company linked to Trump and his family, provides its own stablecoin, USD1, and it recently pursued a trust charter under the OCC for an affiliated entity.

The post regarding the Clarity Act marked a sudden shift into financial policy after Trump had spent recent days overseeing U.S. military actions against Iran, which the U.S. government has described as a "special combat operation." These emerging conflicts have disrupted air travel throughout the Middle East and affected shipping through the Strait of Hormuz.

Read more: Bitcoin is stuck in a rut but JPMorgan says new legislation could be the ultimate spark

UPDATE (March 3, 2026, 20:25 UTC): Adds additional detail.