Trump Pushes Crypto Bills, Says Banks Are Undermining Progress

U.S. President Donald Trump has accused banks of trying to undermine major cryptocurrency legislation currently being discussed in Washington. As he said, the GENIUS Act is being “threatened and undermined by the Banks,” urging lawmakers to quickly pass legislation to strengthen the country’s crypto regulatory framework.

Trump Pushes For Crypto Market Structure Laws

In a post on Truth Social on March 3, Trump argued that the United States must finalize broader crypto market structure legislation “ASAP.” He also urged Congress to pass the Clarity Act, which he described as the next step needed to provide regulatory certainty for the digital asset industry.

According to Trump, the GENIUS Act represents an important milestone in the country’s push to become a global hub for crypto innovation. The legislation aims to support the development of digital asset markets, at the same time defining regulatory responsibilities across agencies.

However, Trump claimed opposition from parts of the banking sector could slow progress on crypto policy if lawmakers fail to act quickly.

Concerns About Global Competition

In his message, Trump warned that delays in passing crypto legislation could push innovation overseas. He suggested that if the U.S. fails to establish clear rules for digital assets, the industry could migrate to competing jurisdictions such as China or other countries actively developing crypto frameworks.

Trump also emphasized that Americans should have the opportunity to earn stronger returns on their savings, noting at the same time that major banks continue to report record profits.

He said banks should work with the crypto industry rather than attempt to block legislation that could reshape the financial system. In his words:

“They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People. This Industry cannot be taken from the People of America when it is so close to becoming truly successful.”

The Bigger Regulatory Debate

All things considered, the debate over U.S. crypto regulation has intensified in recent years as lawmakers attempt to balance consumer protection, financial stability, innovation, and institutional demand. Several proposals have emerged to clarify how to properly regulate crypto assets and which federal agencies should oversee different parts of the market.

Trump framed the GENIUS Act as the first major step in positioning the U.S as the“Crypto Capital of the World.” He added that passing the Clarity Act would be critical to finishing that effort and ensuring the digital asset industry remains based in the U.S.

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