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, stems largely from disagreements between the banking industry and crypto representatives, particularly over provisions tied to stablecoin rewards.
Trump Says Banks Threaten Stablecoin Law
In a post shared Tuesday on Truth Social, Trump sharply criticized the banking sector, accusing it of attempting 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 that is unacceptable — We are not going to allow it,” Trump wrote. He argued that passing comprehensive market structure legislation is urgent, adding, “The U.S. needs to get Market Structure done, ASAP. Americans should earn more money on their money.”
The President also claimed that financial institutions, despite reporting record profits, are working against policies designed to expand opportunities within 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 Agenda that will end up going to China, and other Countries if we don’t get The Clarity Act taken care of,” Trump stated.
Calls For Banking-Crypto Cooperation
Trump further urged the banking sector to reach constructive agreements with the crypto industry, arguing that collaboration would serve the best interests of American consumers and businesses alike.
“This Industry cannot be taken from the People of America when it is so close to becoming truly successful,” he wrote, closing his message with a call for attention to the issue.
Legislatively, progress on the CLARITY Act has been uneven. The Senate Agriculture Committee advanced its portion of the bill in January of this year. However, broader movement has stalled.
The Senate Banking Committee had initially scheduled a markup in January, but that session was canceled amid the same disputes between banking representatives and crypto advocates that continue to complicate negotiations. The committee is now reportedly targeting a new markup date in mid-to-late March.
Featured image from OpenArt, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
