Eric Trump, World Liberty co-founder, calls banks ‘anti-American’ over stablecoin fight
Eric Trump, the son of U.S. President Donald Trump and a co-founder of crypto firm World Liberty Financial, recently criticized the banking industry for their opposition to allowing stablecoin yield in crypto market structure legislation. In a post on X, the site formerly known as Twitter, Trump called out big banks like JPMorgan Chase, Bank of America, and Wells Fargo for lobbying to block Americans from earning higher yields on their savings.
He highlighted the disparity between the marginal interest banks pay to customers and the interest they receive from the Federal Reserve, accusing them of prioritizing profits over customer benefits. Trump pointed out that crypto platforms are offering yields of 4-5% or more, which is being targeted by lobbyists like the ABA through bills such as the Clarity Act. He argued that these efforts are aimed at protecting the banks’ low-rate monopoly and preventing deposit flight, rather than promoting fairness or stability.
World Liberty Financial, the company co-founded by Trump, issues its own stablecoin called USD1 and is in the process of seeking a charter through the Office of the Comptroller of the Currency. Trump has been vocal about his grievances with banks, claiming that they have debanked him and his family in the past.
In a separate post, President Donald Trump expressed support for the Clarity Act and criticized banks for their reluctance to negotiate on stablecoin yield provisions. He recently met with Coinbase CEO Brian Armstrong, who withdrew support from the bill in January due to concerns about certain sections related to stablecoin regulations.
Patrick Witt, the White House’s executive director for crypto issues, also pushed back on JP Morgan CEO Jamie Dimon’s suggestion that stablecoin issuers should be regulated like banks. The ongoing negotiations between lawmakers, banks, and crypto firms reflect the complex dynamics of the evolving financial landscape. It remains to be seen how these discussions will shape the future of stablecoin regulations and the broader crypto market.
