President Donald Trump has publicly disputed the legislative impasse surrounding the CLARITY Act, the long-running crypto market structure bill that has yet to reach his desk for final approval.
According to ongoing discussions in Washington, the delay is mainly due to disagreements between the banking industry and representatives of crypto, in particular, regarding regulations related to stablecoin rewards.
Trump Says Banks Threaten Stablecoin Law
In a post shared on Social Truth on Tuesday, Trump lashed out at the banking sector, accusing it of trying to weaken both the broader crypto framework and a separate stablecoin measure he signed into law last year — the GENIUS Act.
“Genius law is being threatened and undermined by the banks and that is unacceptable – we will not allow it,” Trump wrote. He argued that comprehensive market structure legislation is urgent, adding, “The US needs to get Market Structure done sooner. Americans need to get more money for their money.”
The president also stated that financial institutions, despite reporting record profits, are working against policies designed to expand opportunities in the digital asset sector.
Trump warned that failure to complete the CLARITY Act could weaken America’s position in the global crypto race. “We’re not going to let them derail our strong crypto agenda going to China and other countries if we don’t review the Transparency Act,” Trump said.
Call for Banking-Crypto Cooperation
Trump further urged the banking sector to reach constructive agreements with the crypto industry, arguing that cooperation serves the best interests of American consumers and businesses.
“This industry cannot be taken away from the American people when it is so close to succeeding,” he wrote, ending his message by calling for attention to the issue.
Legislatively, progress on the CLARITY Act has been uneven. The Senate Agriculture Committee passed its section in January of this year. However, the broader movement has stalled.
The Senate Banking Committee had originally planned a hearing in January, but that meeting was canceled amid similar disputes between bank representatives and crypto advocates, complicating negotiations. According to reports, the committee is now targeting the new registration date in the latter half of March.
Featured image from OpenArt, chart from TradingView.com
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