Trump Administration Addresses Banks Regarding Access to Cryptocurrency Banking

President Donald Trump has issued a clear warning to the banking sector: cease obstructing cryptocurrency or face repercussions. This statement comes as the CLARITY Act remains stalled, with the President now holding the banks accountable.

In a statement released late Tuesday (March 3), Trump accused major financial institutions of sabotaging his administration’s digital asset initiatives.

This announcement coincided with a rise in the crypto market overnight, increasing by 2.6% and elevating the total crypto market capitalization to over $2.4 trillion.

Bitcoin USD has experienced a significant increase during the European morning trading session, climbing back above $71,000 with a +6% rise, marking one of its strongest days in recent weeks.

(SOURCE: TradingView)

The Battle for the Clarity Act: Trump Vs. The Banks

The immediate catalyst for this dispute is the stalled CLARITY Act. This market-structure legislation, intended to redefine the regulation of digital assets in the US, passed the House last year but has encountered obstacles in the Senate.

Trump utilized his Truth Social platform late on Tuesday to characterize the delay as a failure of national security:

“The Banks are achieving record profits, and we will not permit them to undermine our robust Crypto Agenda,” Trump stated. He contended that inaction would yield advantages to China, positioning the Trump crypto policy as essential for preserving US financial supremacy.

Banks are particularly opposing provisions that would enable crypto exchanges to offer yield to users holding stablecoins. Traditional financial institutions argue that this could lead to a withdrawal of deposits, siphoning capital from retail bank crypto accounts to higher-yielding digital asset platforms.

This follows the administration’s previous legislative success, the Genius Act, which was signed in July. That legislation established a framework for issuers but did not clarify whether intermediaries could provide yield. The CLARITY Act seeks to address that gap, and banks are apprehensive.

BILLIONAIRE KEVIN O’LEARY SAID THE CLARITY ACT WILL PASS AND SEND BITCOIN TO $200,000
TRILLIONS INCOMING pic.twitter.com/FffPLwwXSv

— Crypto Fergani (@cryptofergani) March 3, 2026

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Reversing Operation Choke Point

The administration is not solely depending on legislation. The White House is actively working to dismantle the legacy of Operation Choke Point 2.0.

This informal regulatory approach, employed during the previous administration under Joe Biden, pressured banks to cut ties with crypto clients under the pretext of risk management.

On March 1, the OCC rescinded Interpretive Letter #1179. This eliminated the requirement for banks to obtain pre-approval before engaging in crypto activities. However, industry reports indicate that despite the regulatory clearance, banks continue to be reluctant.

Trump’s recent remarks suggest he may be preparing to take decisive action to advance the CLARITY Act once and for all. And by now, it is clear what Donald desires; he typically achieves it.

The stakes for the industry are critical. Without dependable banking infrastructure, crypto firms encounter increased operational expenses and settlement risks. While the US grapples with fundamental access challenges, other countries are incorporating blockchain at the central bank level.

A similar disparity is observable globally, as the Bank of Japan investigates blockchain-based reserve settlement, underscoring that traditional institutions elsewhere are evolving rather than hindering.

As the CLARITY Act Nears, the Bitcoin Price Surges Past $70,000: What Next for BTC USD?

$BTC/usdt 8 hours
Imagine being misled by bears and 4-year cyclers into anticipating $40k
$80k is NEXT https://t.co/OZZ1IlWcnK pic.twitter.com/OTpv5PsP8W

— Satoshi Flipper (@SatoshiFlipper) March 4, 2026

Bitcoin has resumed its upward trend, increasing more than 6% overnight and now trading at $71,200, despite a risk-averse sentiment prevailing in global equity markets, as indicated by declining precious metal prices.

There is a possibility that capital exiting the underperforming silver market may be partially shifting into the surprisingly resilient BTC. Since the US’s actions against Iran, the Bitcoin price has risen by approximately 10%, after initially dropping to around $63,000 in the immediate aftermath.

Simultaneously, the strength of the USD has not led to declines in the crypto market, as is often the case, potentially indicating renewed confidence in crypto as a store of value amid escalating global tensions.

BTC/USD now needs to maintain above $70,000 to indicate further upward movement. A failure to do so would suggest weakness, and a retreat toward support at $66,000 becomes probable.

However, sustaining $70,000 along with a fresh influx of volume could enable Bitcoin to revisit its February peak of $78,600. Macroeconomic developments and volume are the two primary indicators to monitor when determining BTC’s next trajectory.

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