Eric Trump railed against the big banks for targeting crypto and stablecoins and basically not allowing Americans to make as much money as possible.
“Anti-American” Crypto Newspaper
In a social media post on March 4, following his father Donald Trump’s message accusing banks of “violating” the GENIUS Act, Eric Trump then called out major banks such as JPMorgan Chase, Wells Fargo and Bank of America.
He claims that these banks actively prevent Americans from “earning higher returns on their deposits” and prevent them from “giving customers any rewards or benefits,” suggesting that they are “desperately targeting crypto/stablecoins where platforms plan to offer 4-5% returns or rewards.” He goes so far as to say that this position betrays the ideals of American freedom:
The ABA and other lobbyists spend millions trying to block or limit these revenues through bills like the Clarity Act, crying “fairness” and using the words “sustainability” — when it’s really about protecting their low-income monopoly and preventing savings flight. he is anti-retail, anti-consumer and anti-American.
The biggest hypocrites
In another message from the same day, Eric Trump doubled down, accusing the Big Banks of “doing everything they can to shut down the crypto industry” and branding them institutions that “have maintained a monopoly for years and cheat their customers.”
As Eric Trump sees it, it’s kind of outrageous, the latest attempt by a fear-mongering establishment to keep control of Americans’ savings:
They are the biggest hypocrites and are in mass panic because they know they are losing the digital finance race!
GENIUS Act vs Clarity Act
Both the Donald Trump and Eric Trump scandals respond to a broader context: two flagship projects of the Trump era are being weaponized against each other by TradFi institutions.
The GENIUS Act, last year’s “big win” for payment stablecoins, legalized fully dollar tokens and expressly prohibited issuers from paying interest on customer balances, a deal that pushed revenue into exchanges, fintech apps, and DeFi protocols instead of killing it.
Now the banking lobby wants the CLARITY Act to get the job done: they demand a total ban on “revenues, rewards or incentives” for stablecoin holders and close the GENIUS loophole that still competes with platforms with almost zero bank accounts.
This is the battle the Trumps are waging now: active opposition against those who seek to ensure that digital dollars can never pay more to ordinary depositors than the legacy system.
The BTC price trend is down on the daily chart. Source: BTCUSD on Tradingview
Cover image from ChatGPT, BTCPUSD chart from Tradingview
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